DLA Piper represented Sabey Data Centers, a privately owned multi-tenant data center owner, developer and operator, in its inaugural issuance of US$800 million in securitized notes.

Structured by Guggenheim Securities, LLC, acting as sole structuring advisor, sole active book-running manager, and sole placement agent, using an asset-backed securitization (ABS) platform, the notes are rated investment grade at A+ by Standard & Poor’s, the first-ever A+ rating for a data center securitization. The issuance will allow Sabey to access debt capital markets more efficiently and is the first data center securitization to include a note series with a term longer than five years.

The facility is only the third-ever securitization master trust platform for the industry, and DLA Piper served as issuer’s counsel for two of those three platforms.

“It was a pleasure for our multi-disciplinary, experienced team to assist Sabey Data Centers with this transaction, which will support the company’s future growth and allow it to diversify its financing channels. Given our highly regarded Real Estate practice, our wide-ranging structured finance capabilities and our jurisdictional breadth, DLA Piper is ideally situated to advise on the implementation of securitization master trust platforms for the data center industry,” 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 Sabey included partners Tom Geraghty (Chicago), Christina Houston (Wilmington) and Mark Friedman (Baltimore); and associates Alison Pearman, Charles Bell (both of Washington, DC), Amrita Mukherjee (New York) and Nika Antonikova (San Diego).

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.