Milbank LLP advised Yondr Group (“Yondr”) in connection with the offering of $715 million aggregate principal amount of 6.875% senior secured notes due 2031 by its subsidiary Yondr JK 1, LLC. 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 of 1933. Yondr is a leading developer, owner and operator of hyperscale data centers.
“This transaction underscores Milbank's position at the forefront of digital infrastructure finance,” said Corporate Finance and Securities partner and practice group leader Jonathon Jackson. “We are proud to support Yondr on this significant capital markets transaction as demand for hyperscale data center capacity continues to accelerate. This offering reflects the depth of our practice across the full spectrum of digital infrastructure transactions.”
The proceeds from the notes will be used to finance a portion of the construction of a turnkey data center with 48 MW of critical IT capacity in Loudoun County, Virginia, and for other fees and expenses.
The deal team was led by Mr. Jackson and included Global Project, Energy and Infrastructure Finance partners Dan Bartfeld, Timothy Fitzpatrick and Jaime Ramirez and Tax partner Andrew Walker. The team also included Corporate Finance and Securities associates Moses Farzan Nekou, Isobel Smith, Nishkarsh Jakhar and Jordan Gunning, Global Project, Energy and Infrastructure Finance associates Ana Maria Rodriguez Polania, Natália d' Avila and Deven Malone and Tax associate Erika Jensen.
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.
