Ropes & Gray has advised AtlasEdge, a leading pan-European Edge data centre provider, on a scalable €725 million loan financing. The financing was underwritten by mandated lead arranger ING Bank, as well as ABN Amro, Crédit Agricole CIB, The Bank of Nova Scotia, National Westminster Bank Plc, Banco Santander and UniCredit Bank AG.
The innovative financing package, which is a distinctive blend of standard digital infrastructure and LBO cash flow-based financing terms, consists of €525 million in committed debt facilities and a further €200 million of uncommitted accordion. The accordion feature enables AtlasEdge to quickly target capital toward customer-led projects and expand the financing based on future demand.
Having already underpinned the company’s recent acquisition of Datacenter One, Germany’s leading independent data centre provider, the new financing provides AtlasEdge with considerable firepower to execute further strategic M&A and build new efficient and sustainable sites throughout Europe’s key markets.
The financing also includes sustainability-linked targets focussed on efficiency and renewable energy usage. This aligns AtlasEdge’s mission to build a truly sustainable digital society.
The Ropes & Gray team was led by finance partner Alex Robb with support from associates Sean Darling, Chad Parkinson and Kahill Sarronwala, and trainees Miles Harrison, Charlotte Hoggarth, Edward Olsen and Alexandra Street. Other members of the team included partner Will Bryant, associates Harriet Banner, Joseph Patchitt and Abbey Shaw, and trainee Adam Wilson (real estate), partner Chris Agnoli and associate Benjamin Wonnacott (tax), associates Patrick Doherty and Kevin Nordin, and trainees Katie Fielding and Matthew Rice (litigation & enforcement) and trainee Isuri De Alwis (asset management).
AtlasEdge is a leading European Edge data centre platform with operations across 12 countries, formed through a joint investment by Liberty Global, a world leader in converged broadband, video and mobile communications and an active investor in cutting-edge infrastructure, content, and technology ventures, and DigitalBridge, a leading global investment firm dedicated to digital infrastructure.
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