DataBank Ltd., a provider of business solutions for data center, cloud, connectivity, and managed services, announced the placement of an additional $25 million upsize to its existing senior secured first-lien Term Loan B. The incremental Term Loan increases the total size of DataBank’s credit facility to $435 million. Both Moody’s and S&P Global Ratings announced no change to their Corporate Family Rating (CFR) and stable outlook for DataBank as a result of the incremental placement in their reports released August 14, 2018. DataBank plans to use the additional financing to further its data center development activities, pay down borrowings under its revolving credit facility, which strengthens liquidity and its overall credit position.
In addition, the Moody’s report “reflects Moody’s view that DataBank will continue to produce strong revenue and EBITDA growth while aggressively growing the business.”
“We are appreciative of the support from our lender group in allowing us to increase the size of our credit facility,” states Kevin Ooley, President and CFO of DataBank. “We look forward to continuing to invest in building out our data center capacity to meet the demand from new and existing customers.”
SunTrust Robinson Humphrey acted as administrative agent and lead arranger.