InfraCompute / Deals
Vantage: UK data centre ABS 2024-1
Data centre ABS for Vantage Data Centers, GBP600m, 1 May 2024.
Key terms
- Borrower or issuer
- Vantage Data Centers
- Date
- 1 May 2024
- Structure
- Data centre ABS
- Amount
- £600m
- Pricing
- A-2: 6.172% fixed; VFN: SONIA + 2.750% (0.8% commitment fee on undrawn)As stated in the source below
- Tenor
- A-2 ARD May 2029, legal 2039; VFN ARD May 2026 + 2 x 1-yr extensions; post-ARD additional interest
What’s notable
A £600m ABS secured on Vantage's Newport campus near Cardiff, about 112MW of operating capacity, through a PropCo/HoldCo structure. Barclays was sole structuring adviser, and about 95% of the tenants are investment grade or equivalent. The anticipated repayment date is May 2029 and the legal maturity is 2039. It remains the main UK precedent for data centre securitisation.
Recorded terms
- Lender type
- Bonds and securitisationsStructure: securitisation
- Tenor
- A-2 ARD May 2029, legal 2039; VFN ARD May 2026 + 2 x 1-yr extensions; post-ARD additional interest
- Security
- PropCo/HoldCo obligor structure over CWL11 (headlease) and CWL13 (freehold), Newport near Cardiff; c.112MW operating; Vantage guarantee and subordination agreement
- Lenders and arrangers
- Barclays (sole structuring advisor, JLM, account bank); SMBC Nikko (JLM); Knight Frank (valuer)
- Trustee
- U.S. Bank
- Tenant or offtaker
- Primarily hyperscale; c.95% investment grade or equivalent
Parties
Similar financings
Same structure, other borrowers, closest in date.
More from Vantage Data Centers
Filed documents and legal terms
The documents behind this financing that are filed on SEC EDGAR, with the governing law each states. Read any document in full before relying on it; filers may redact commercial terms.
- Filed documents
- 1
- Governing law
- Not stated in the filed text
- Quoted in the clause and contract libraries
- 0
| Filed document | Dated | Governing law | In InfraCompute |
|---|---|---|---|
| Form ABS-15G Ex 99.1 (agreed-upon procedures / due diligence report) | 1 May 2024 | – | – |
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For counsel on this deal
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Sources
- Vantage Data Centers Jersey UK ABS 2024-1Source date: 1 May 2024
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
