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24 August 20214 minute read

DLA Piper advises Aligned Energy on US$1.725 billion of structured sustainable debt financing, including largest-ever inaugural data center securitization

DLA Piper represented Aligned Energy, a leading data center provider offering innovative, sustainable and adaptable solutions for cloud, enterprise and managed service providers, in the largest inaugural data center securitization and first-ever green data center securitization, consisting of an issuance of US$1.35 billion of securitized notes. DLA Piper also represented Aligned in the recent closing of a US$375 million sustainability-linked loan.

The US$1.35 billion of securitized notes include US$1.05 billion of term notes that are rated investment grade at A- by Standard & Poor’s, US$150 million of term notes that are rated investment grade at BBB by Standard & Poor’s, and US$150 million variable funding notes that are rated investment grade at A- by Standard & Poor’s. The green data center securitization distinction was issued under the Aligned Green Finance Framework and externally verified by Sustainalytics, a leading independent environmental, social and governance (ESG) and corporate governance research, ratings and analytics firm.

“It was a pleasure to advise Aligned on these two transactions, bringing together our wide-ranging structured finance capabilities and extensive experience with the data center industry to achieve a successful result. This financing will bolster Aligned’s continued growth and allow it to meet increased data center demand while supporting its impressive sustainability-related objectives,” 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 Aligned included partners Tom Geraghty (Chicago), Mark Friedman (Baltimore) and Claire Hall (Los Angeles); of counsel Diane Auerbach (Washington, DC); associates Paul Wierenga (Washington, DC), Payvand Coyle, John Kim (both of Los Angeles) and Heather O’Brien (New York); paralegal Shawn Parish (Washington, DC); and law clerk Samantha Moench (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.

DLA Piper is committed to making businesses better by helping clients and communities transition to and thrive in a more sustainable future. The firm understands the unique challenges and needs of each sector and delivers seamless global solutions to clients around the world. To find out more, please visit DLA Piper’s Sustainability and Environment, Social and Governance portal.