Compass Datacenters received an additional $25 million credit commitment to support future growth. Keybank acted as syndication agent, with finance from CIT Bank and credit commitment from CIT Group.
Compass provides high-end made-to-order data centers and focuses on second-tier U.S. markets. The company uses a single standard design to deliver Tier III-certified data centers wherever they are needed.
The credit facility will go toward fulfilling customer orders for data centers and towards expanding Compass’ operations into additional metro areas with burgeoning demand.
With the latest commitment, the company's total credit facility is now $135 million. It added $100 million to the war chest in 2014. Data center construction is capital-intensive, with credit facilities playing an important role in running a smooth business.
“Strong relationships with our banking partners are critical to support the growth at Compass. I am very pleased to add CIT to our facility,” said Chris Crosby, Compass CEO, in a statement. “I envision 2015 to be a year in which we scale the business not only in terms of new customers, but also as it relates to the people, processes, and systems behind our unique approach to building and operating world-class data centers.”
Compass, which was founded about five years ago, has the data center construction and delivery process down to a science. It has delivered data centers for everyone from giant electrical utility American Electric Power to large service providers like CenturyLink. Other customers include Iron Mountain and Windstream Communications.
Other financial partners that have supported Compass include KeyBank, Regions Bank, and Raymond James.