STACK INFRASTRUCTURE Closes $400 Million in Latest Round of Structured Debt Financing
Summary
In four total transactions, STACK has raised $1.8 billion of Notes rated A- by Standard & Poors.The Company will use the capital to fund several client-focused initiatives, including the construction and delivery of its popular Basis of Design, along with continued initiatives for sustainability, safety, and technology.Just over five months since its previous issuance raising $325 million and fresh off a series of new executive hiring, partnerships, facility openings, and expansions, STACK is once again positioning itself to continue its record-breaking 2020 leasing activity. An industry leader in the development of data centers built to the unique specifications of its hyperscale cloud and enterprise clients, STACKs continued expansion is fueled by the widespread adoption of cloud infrastructure, the rise of new, workload-intensive technologies like artificial intelligence, cross-industry digital transformation, and the emerging need of every organization to support increasingly remote workforces.The COVID-19 pandemic has accelerated absorption in all the major U.S. markets, leading to the data center industrys extraordinary growth. New analyst data from Omdia reports record leasing of more than 700MW and the addition of nearly 17 million square feet in 2020, with approximately 57% of this capacity dedicated to large cloud providers.Our latest capital raise demonstrates continued investor confidence in the Companys unwavering ability to deliver speed and scale to support the growth of our hyperscale and large enterprise clients, said Heather Paduck, Chief Financial Officer of STACK. A 400-acre hyperscale data center campus with 400MW potential critical capacity in AllianceTexas, a master-planned development in Fort Worth, Texas, in partnership with Hillwood. With a client-first approach, the Company delivers a comprehensive suite of wholesale build-to-suit, colocation, and powered shell solutions in eight markets today: Atlanta, Georgia; Chicago, Illinois; Dallas/Fort Worth, Texas; New Albany, Ohio; Northern Virginia; Portland, Oregon; Phoenix, Arizona; and Silicon Valley, California.