US data center operator Switch has raised $3.5 billion, which it will use to refinance its existing debt.
The DigitalBridge-owned company has secured the cash in two separate transactions – a $2.4 billion commercial mortgage-backed security loan (CMBS) and a $1.1 billion asset-backed security (ABS) issuance.
A statement from Switch said the company will use the cash to “refinance the majority of the company’s outstanding acquisition financing, which supported the take-private transaction led by DigitalBridge and IFM Investors in December 2022.”
“We are thrilled to announce the completion of two landmark transactions: our third ABS and our inaugural CMBS issuances,” said Thomas Morton, president of Switch.
“These comprised $3.5…
