EdgeCore Digital Infrastructure Announces Second Debt Financing Transaction of 2024 to Fuel Continued Growth and Meet High-Density Data Center Demands of Hyperscale Customers

$440 million in funding will be used to further develop EdgeCore's Silicon Valley data center campus in Santa Clara, CA

DENVER, CO / ACCESSWIRE / March 13, 2024 / EdgeCore Digital Infrastructure, a wholesale data center developer, owner and operator, today announced the completion of a $440 million debt financing transaction to fund continued development of its Silicon Valley campus. This transaction follows the $1.9B debt financing announced by EdgeCore in January 2024, both of which were conducted in conjunction with its owner, Partners Group, a leading global private market firm acting on behalf of its clients.

EdgeCore broke ground on its campus in capacity and power-constrained Santa Clara in January 2023 and since that time has made considerable progress on the first data center and campus substation. At full build-out, EdgeCore's LEED-designed campus in Santa Clara will be capable of supporting 72 MW of critical load and will be engineered to meet customer requirements across 540,000 square feet of space. Utility power will be provided by Silicon Valley Power beginning in 2024.

"Continuing the pace of rapid growth and development EdgeCore established in 2023, we leveraged the template set by our debt financing announced in January to quickly close the $440 million transaction being reported today," said Julie Brewer, EVP of Finance, EdgeCore Digital Infrastructure. "This funding will be put to immediate use in our Silicon Valley market to meet the critical capacity needs of hyperscale customers searching for single tenant data centers built to accommodate high-density space and power requirements."

Supporting EdgeCore's focus on utilizing sustainable construction, operations and business practices, both debt financing transactions secured by the company in 2024 have been structured as Green Loans in alignment with the latest Green Loan Principles as published by the Loan Market Association, Asia Pacific Loan Market Association and the Loan Syndications & Trading Association, and with ING Capital LLC as the sole Green Loan Structuring Agent.

"Today's announcement of the sustainable construction financing secured for EdgeCore's Santa Clara campus follows the highly successful Green Loan template utilized to expand development of the company's Phoenix campus earlier this year," said Fentress Boyse, Member of Management, Private Infrastructure Americas, Partners Group. "The robust demand for the financing validates EdgeCore's execution capabilities, strong sponsorship, differentiated capital mobilization playbook and bright future."

EdgeCore's $440 million debt financing is comprised of a limited-recourse senior secured term loan. Coordinating Lead Arrangers and Book Runners on the transaction were MUFG Bank, Ltd., ING Capital LLC and First-Citizens Bank & Trust Company. MUFG Bank, Ltd. served as Administrative Agent and ING Capital LLC served as the sole Green Loan Structuring Agent. Davis Polk Watson served as the borrower's/sponsor's counsel, and Milbank served as the underwriter's counsel.

In November 2022, EdgeCore was acquired by Partners Group, which pledged to invest up to $1.2 billion to fund the acquisition and buildout of existing and future data center sites. EdgeCore utilized Partners Group's initial capital commitment throughout 2023 to expand and begin development of data center campuses in Santa Clara, California (January 2023); Ashburn, Virginia (March 2023); Mesa, Arizona (April 2023) and Reno, Nevada (August 2023).

About EdgeCore Digital Infrastructure

EdgeCore Digital Infrastructure serves the world's largest cloud and internet companies with both ready-for-occupancy and build-to-suit data center campuses that are designed for density. Privately held and backed by committed equity, EdgeCore enables hyperscale customer requirements by proactively investing in regions that provide the land and power necessary to support and scale AI and cloud technology. While working thoughtfully with the communities in which we do business, our data center campuses are built at scale to meet key performance specifications, safety metrics and sustainability objectives. EdgeCore has data center campuses in four North American markets with plans to expand into new regions in 2024. For more information, please visit edgecore.com.

Media Contact:

Courtney Gaudet
VP, Marketing & Communications
EdgeCore Digital Infrastructure
courtney.gaudet@edgecore.com

SOURCE: EdgeCore Digital Infrastructure