Milbank LLP advised SB Energy, a SoftBank Group Company, in connection with the closing of a $999 million offering of senior secured notes by its wholly owned subsidiary. The offering was completed through a private placement to qualified institutional buyers pursuant to Rule 144A and outside the United States pursuant to Regulation S under the Securities Act.
The transaction marks the inaugural high yield notes offering and the largest project financing to date by SB Energy, a fully integrated US digital infrastructure and energy platform focused on developing, constructing and operating energy and digital infrastructure. The proceeds of the notes will be used to finance the development of a 70 MW utility capacity (50 MW IT capacity) turnkey data center, to be constructed within the Highpoint Mega Campus (formerly the 3M Park) in Austin, Texas, which is fully leased to a high-quality tenant under a long-term triple-net lease.
“Milbank was proud to partner with SB Energy on its inaugural high yield notes offering, further reinforcing the firm’s market-leading role advising on complex, innovative financings across the rapidly growing digital infrastructure sector,” said Corporate Finance and Securities partner and practice group leader Jonathon Jackson.
The Milbank team was led by Mr. Jackson and included Real Estate partner Alex Meirowitz, Global Project, Energy and Infrastructure Finance partners and co-chairs of Milbank’s Digital Infrastructure Practice Group Dan Bartfeld and Jaime Ramirez and Corporate Finance and Securities partner Adam Brenneman, along with associates Moses Farzan Nekou, Isobel Smith, Siak Goh, Simone Arthur, Allison Mahoney and Justin Song and law clerk Kelsey Rodriguez. The security and collateral workstream was led by Corporate Finance and Securities partner Antonio L. Diaz-Albertini and associate Jonathan Markowitz.
Milbank’s Digital Infrastructure Practice Group is the leading legal advisor driving digital infrastructure transactions across the entire value chain — from GPU procurement to powered land, data centers, buy-side/sell-side and capital raises (debt/equity) throughout the capital stack. Milbank has had the lead legal role in over $500 billion of digital focused transactions, including several of the largest capital markets, project finance, M&A and real estate transactions to date.
