DataBank Upsizes Credit Facility Through $25 Million Add-On Term Loan
Moody's and S&P Reaffirm DataBank's Corporate Family Rating
DALLAS, Aug. 30, 2018 /PRNewswire/ -- DataBank Ltd., a leading provider of business solutions for data center, cloud, connectivity, and managed services, today announced the placement of an additional $25 million upsize to its existing senior secured first-lien Term Loan B. The incremental Term Loan increases the total size of DataBank's credit facility to $435 million. Both Moody's and S&P Global Ratings announced no change to their Corporate Family Rating (CFR) and stable outlook for DataBank as a result of the incremental placement in their reports released August 14, 2018. DataBank plans to use the additional financing to further its data center development activities and pay down borrowings under its revolving credit facility, which strengthens liquidity and its overall credit position.
In addition, the Moody's report "reflects Moody's view that DataBank will continue to produce strong revenue and EBITDA growth while aggressively growing the business."
"We are appreciative of the support from our lender group in allowing us to increase the size of our credit facility," states Kevin Ooley, President and CFO of DataBank. "We look forward to continuing to invest in building out our data center capacity to meet the demand from new and existing customers."
SunTrust Robinson Humphrey acted as administrative agent and lead arranger.
Operating 15 purpose-built data centers in 8 markets, DataBank offers a full suite of infrastructure solutions including colocation, compliant cloud hosting, security, and network services. To learn more about DataBank, please visit www.databank.com. Follow DataBank on Twitter and LinkedIn.
About DataBank
DataBank is a leading provider of enterprise-class data center, cloud, and interconnection services, offering customers 100% uptime availability of data, applications, and infrastructure. DataBank's managed data center services are anchored in world-class facilities. Our customized technology solutions are designed to help customers effectively manage risk, improve their technology performance, and allow them to focus on their core business objectives. DataBank is headquartered in the historic former Federal Reserve Bank Building, in downtown Dallas, TX. For additional information on DataBank locations and services, please visit www.databank.com or call 1 (800) 840-7533.
SOURCE DataBank
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