Milbank LLP represented the sole structuring advisor and the initial purchasers in connection with the inaugural asset-backed securitization (ABS) for EdgeCore Digital Infrastructure, a wholesale data center developer, owner and operator. Proceeds were used to refinance construction loans and fund future green data center development.
This ABS comprises designated green bonds, issued in accordance with EdgeCore’s Green Financing Framework and aligned with the Green Bond Principles of the International Capital Markets Association. EdgeCore’s ABS was significantly oversubscribed and received S&P ratings of A- and BBB- for its two tranches of notes.
“We are thrilled to have advised on EdgeCore’s significantly oversubscribed, inaugural ABS,” said Milbank partner Alexandra Johnson. “This innovative ABS, which also underscores EdgeCore’s commitment to designing and operating green data center campuses with the inclusion of green bonds, is a significant first step in a series of ABS issuances.”
“This transaction highlights the strategic opportunities available to leading data center companies like EdgeCore, as well as our continued focus on actively expanding our ABS practice for all digital infrastructure asset classes like data centers and fiber,” commented Dan Bartfeld, chair of Milbank’s Global Project, Energy and Infrastructure Finance Group.
The Milbank team was led by Ms. Johnson and partner Brett Nadritch, along with a team of special counsel and associates.
Milbank’s Digital Infrastructure team has led over $65 billion of data center and related transactions in the past year and is a leader in the digital infrastructure space throughout the value chain, including chip foundries, GPU procurement, data centers (and associated power solutions), fiber and towers.
