Shared 10 June, 2025
The asset-backed securitization deal, the first ever euro-denominated with data center assets on the continent, involves four data centers in Germany.
The company said it will be paying on average a 4.3% coupon on the bonds issued through the process.
Vantage said it will use the funds primarily to pay off existing construction loans previously secured for the facilities. “We believe the ABS market in particular is kind of best suited for our type of asset, which is real estate centric, high credit quality tenants, long term leases, something that is almost perfect for the ABS investor,” Sharif Metwalli, chief financial officer of Vantage Data Centers.
“So this transaction was actually pretty highly levered, frankly,” Rich Cosgray, senior vice president of global capital markets at Vantage Data Centers, told CNBC. “It was higher leverage than our prior transaction and we had some investors that just weren’t comfortable at that leverage level.”
The four facilities — two in Berlin and two in Frankfurt — have access to around 64 megawatts of power and “are fully leased to hyperscale customers,” the company said in a statement.
The data centers were valued at about $1 billion earlier this year by Scope Ratings. The credit rating agency has rated two of the notes issued by the company, worth 590 million euros and 50 million euros as A-rated “strong credit quality” and BBB-rated “good credit quality” respectively.
The transaction was led by Barclays Bank and Deutsche Bank as joint lead managers, and Vantage was represented by the British law firm Clifford Chance.
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