QTS Expands Credit Facility by $45 Million
March 29th, 2011 By: Rich Miller
Data center service provider QTS (Quality Technology Services) has increased the borrowing capacity on its revolving credit line by $45 million, with backing from ING Capital and Caterpillar Financial Services, the company said today. The agreement provides the company with additional capital to complete a series of data center expansions at facilities in four key markets.
The credit line, which was opened in September 2010 and is secured by the QTS Atlanta Metro Data Center, now provides up to $170 million in borrowing power and can be further expanded to $250 million through an “accordion” feature.
“QTS appreciates the confidence these financial institutions have in the future of QTS and their willingness to participate in this revolving credit facility,” said Bill Schafer, the Chief Financial Officer of QTS. “The increased capacity significantly enhances QTS’ financial flexibility as the company continues to expand its data center facilities in Santa Clara, Richmond, Jersey City and Atlanta.”
ING Capital and Caterpillar Financial Services join lead arranger KeyBanc Capital Markets and five additional financial institutions as revolving credit facility participants, including Citibank, N.A., Credit Suisse AG, Deutsche Bank Trust Company Americas and Royal Bank of Canada.
QTS operates more than 3.1 million square feet of data center infrastructure in its 12 locations in seven states, and has more than 600 customers.