DLA Piper advises Sabey Data Centers in its US$175 million issuance of securitized notes
DLA Piper represented Sabey Data Centers, a privately owned multi-tenant data center owner, developer and operator, in its recent issuance of US$175 million of securitized notes at a fixed rate coupon of 1.881 percent, which set a record for the lowest new issue spread to benchmark rates in the sector.
Sabey is the only data center issuer to offer investors notes rated “A+” by Standard & Poor’s. With this follow-on issuance, Sabey has issued US$975 million of A+ rated notes. DLA Piper previously advised the company on its inaugural issuance of US$800 million of securitized notes.
“It was a pleasure to once again partner with Sabey Data Centers to support its second issuance of securitized notes, which will enable its continued growth. Successfully completing this transaction brought together our extensive structured finance capabilities, as well as our deep understanding of the data center industry, and we look forward to continuing to support our client’s continued success,” said David Ridenour, the DLA Piper partner who led the firm’s deal team.
In addition to Ridenour (Washington, DC), the DLA Piper team representing Sabey included partners Mark Friedman (Baltimore) and Tom Geraghty (Chicago); of counsel Diane Auerbach (Washington, DC); associates Charles Bell and Samantha Moench (Washington, DC); and senior paralegal Shawn Parish (Washington, DC).
DLA Piper advises on all aspects of financing, across borders, sectors and financial products. With one of the largest teams of dedicated finance lawyers in the world and an established local law firm network, the firm helps clients realize their financial strategies in whichever markets they do business.