Vantage Data Centers has secured a $735 million refinancing package for three data centers in Goodyear, Ariz., Bisnow first reported. Wells Fargo, Citibank and Goldman Sachs originated the fixed-rate note, expected to close in July this year, according to a Fitch Ratings report.
The new funds will be used to replace a $560 million existing loan. Additionally, the remaining proceeds will be used for paying estimated closing costs of up to $10.5 million, while $164.5 million of equity will be returned to Vantage Data Centers.
Vantage backed the refinancing with three data centers totaling 495,654 square feet and 64 megawatts. The buildings came online between 2023 and 2024. These facilities include office spaces, secure storage, diverse utility power feeds, computer room air handling units and closed-loop chilled water systems and are power served by Arizona Public Service Co.
Vantage Data Centers’ Phoenix campus, dubbed AZ1, is a 50-acre property that includes five facilities and is planned to support a total of 176 megawatts. The company bought the land in 2019 and developed the hyperscale campus in two phases.
The developer so far invested more than $1.5 billion into the project and envisioned it to comprise more than 1 million square feet. The first facility came online in 2021, and the campus was Vantage Data Centers’ largest, second only to its Cardiff, U.K. one. The fourth building, dubbed AZ14, was topped out last year, according to Data Center Dynamics.
Vantage secured nearly $15 billion in the last 12 months
On par with current data center growth trends, the company recently secured funds for its continuing expansion. Earlier this month, Vantage obtained $5 billion to finance growth, of which $2.25 billion will be used for the construction of a new data center campus in New Albany, Ohio, while the remaining amount will be used to augment its credit facility.
In the same period last year, Vantage completed a $9.2 billion in equity raise for its U.S. growth as well as its expansion strategy in Europe and the Middle East. The investment vehicle was oversubscribed by $2.8 billion provided by multiple global investors.