Milbank LLP represented the credit providers in connection with Aligned Data Centers’ new $2.58 billion financing to support its continued rapid expansion of its US data center portfolio.
Supported by sophisticated insurance and pension fund capital, the new revolving credit facility (“Devco Facility”) is secured by a collateral pool of six high-performing, well-progressed assets within the company’s US portfolio. The structure of the Devco Facility is customized to facilitate the financing for later-stage development assets and to receive an investment-grade rating decision by the National Association of Insurance Commissioners (NAIC).
“We are pleased to have supported the insurance companies and pension funds on this innovative financing, which reflects continued strong demand for scalable, high-quality digital infrastructure assets,” said Dan Bartfeld, chair of the firm’s Global Project, Energy and Infrastructure Finance Group and co-chair of the Digital Infrastructure Group. “The structure of the facility demonstrates the market’s ability to deploy large amounts of institutional capital efficiently to support the next wave of US data center development.”
The Milbank team was led by Mr. Bartfeld and partners Zachary Cronin and Jonathan Karl, both members of the Digital Infrastructure Practice Group, along with associates Andrew Brooks, Julianne Guzman, Jennifer Couch, Adam Mikell and law clerk Christian Marciano.
