STACK INFRASTRUCTURE, the digital infrastructure partner to the world’s most innovative companies, recently announced that it has closed on the issuance of $325 million of securitized notes. The structured debt financing is issued at a coupon of 1.893 percent, which stands as the lowest securitized rate in the history of the data center industry, breaking the Company’s own record for lowest rate set in November, 2019. The notes are rated “A-” by Standard & Poor’s.
“As the STACK platform has continued to scale, we’ve seen unprecedented levels of investor demand, which stands as a testament to the Company’s credible growth strategy and our ability to support the accelerated momentum of the hyperscale and cloud data center market,” said Heather Paduck, Chief Financial Officer. “We are committed to driving value for our clients above all else, and that partnership continues to fuel our success.”
STACK is a programmatic asset-backed securities issuer. When combined with the Company’s securitization issuances in February and November of 2019, this latest round of debt capital means that STACK has raised more than $1.4 billion to date. This financing underscores STACK’s impressive momentum in the data center market and reaffirms the widely recognized acceleration of data center absorption across the United States as a result of the global pandemic. COVID-19 has created an enhanced dependence on digital solutions and bolstered the digital economy, driving greater investor interest in data centers as data demands expand rapidly to support work-from-home strategies and collaborative online tools and platforms. STACK continues to serve as an industry leader, facilitating its clients’ success as they look to meet these evolving end-user demands.
Since its inception, STACK has remained on a strong growth trajectory, and the Company continues to acquire facilities and land parcels in key regions throughout the United States to support its customers’ own growth. Recent acquisitions and additions include a 100% pre-leased 32MW multi-story data center on its campus in San Jose, California, a 125-acre hyperscale data center campus with 250MW of potential critical capacity in Prince William County, Virginia, as well as expansions in Chicago, Portland, Phoenix, Arizona and more.
STACK provides both the digital infrastructure and end-to-end client experiences that are required to scale the world’s most innovative companies. Its offerings include hyperscale campuses and build-to-suit data centers (“HYPER STACK™”), immediately available wholesale colocation and private data suites (“READY STACK™”) and powered shell options (“POWER STACK™”).
The Notes have not been, and will not be, registered under the Securities Act of 1933 as amended, or registered or qualified under any applicable state securities laws. STACK is not obligated to register the Notes. They may not be offered or sold absent such registration or an applicable exemption from the registration requirements thereunder.
For more information about STACK, please visit: www.stackinfra.com.