Narrative
Full Description
Project narrative
On March 3, 2022, financial close was reached on a deal in which a syndicate of 12 banks — including the Bank of China (BOC) — entered into a $851.83 million USD syndicated loan agreement with STACK Innovation Holdings LLC — a Delaware-incorporated special purpose vehicle (SPV) wholly-owned by Delaware-incorporated Stack Infrastructure USA II, LLC affiliated with Stack Infrastructure Inc., a data center operator and owner based in Denver, Colorado — for STACK Innovation's 184 MW Northern Virginia Data Centers Portfolio. This loan was divided into two tranches: a $701.73 million USD green loan tranche with a maturity period of five years; and a $150.10 million USD equity bridge loan tranche. The proceeds were to be used by the borrower for the development of a four-building data center campus with a total capacity of 184 MW in the City of Manassas, Prince William County, Virginia. Construction was expected to take two-and-a-quarter years. BOC contributed $55.00 million USD to the $701.73 million USD green loan tranche. In addition to BOC, the following lenders contributed the respective amounts to the green loan tranche: Banco de Sabadell S.A. ($40.00 million USD), Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) ($45.00 million USD), Citibank N.A. ($40.00 million USD), First Citizens Bank ($65.00 million USD), ING Bank N.V. ($65.00 million USD), Korea Development Bank (KDB) ($65.00 million USD), MUFG Bank, Ltd. ($65.00 million USD), Natixis ($50.00 million USD), Shinhan Bank ($30.00 million USD), Siemens Bank GmbH ($55.00 million USD), Sumitomo Mitsui Banking Corporation (SMBC) ($126.73 million USD). BOC did not contribute to the $150.1 million USD equity bridge loan tranche; the following banks contributed the respective amounts to the equity bridge loan tranche: First Citizens Bank ($25.02 million USD), ING Bank ($25.02 million USD), KDB ($25.02 million USD), MUFG Bank ($25.02 million USD), Natixis ($25.02 million USD), and SMBC ($25.02 million USD).