Macquarie Technology Group has announced the successful signing of a debt refinancing to support ongoing data centre expansion.
Under the new syndicated facility agreement, the Group has access to a five-year secured revolving loan facility in the amount of A$450m, representing an increase of A$260m to the previous facility.
Due to strong appetite from domestic and international lending institutions, the new facility has been secured on highly competitive key commercial terms, including pricing. Other terms are customary for a loan facility of this nature.
In combination with cash and cash equivalents of $118m the Group has sufficient liquidity to complete the build of IC3 Super West Phase 1 with excess capacity to fund future growth.
Macquarie Technology Group’s Chief Executive Officer and Co-Founder David Tudehope said: “Following the acquisition of the Macquarie Park Data Centre Campus and the commencement of the IC3 Super West construction, we have marked another milestone with this successful debt refinance process. The new facility will provide the capacity and flexibility to enable us to further invest and expand our data centre business.
“We have been delighted by the outstanding interest received from domestic and international financial institutions in this process and are looking forward to building strong relationships with the new group of lenders.”
The refinancing is subject to the satisfaction of customary conditions precedent and is expected to achieve financial close before the end of this calendar year.
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