First Citizens Bank Arranges $345MM in Financing for DataBank

First Citizens Bank’s technology, media and telecommunications finance business served as lead arranger of $345 million in financing on behalf of DataBank for construction of a new hyperscale data center in the Atlanta area.

A provider of enterprise-class edge colocation, interconnection and managed cloud services, DataBank is expanding its data center capacity to meet the demand for artificial intelligence applications. DataBank’s new ATL4 facility, located 20 minutes outside of downtown Atlanta, is a single-tenant, fully leased data center that will be supported with renewable power. The facility is expected to open in Q3/24.

“This new financing will allow us to continue bringing important capacity to market to meet extremely high demand for data center space and power,” Kevin Ooley, president and CFO of DataBank, said. “We appreciated the agility and expertise of the First Citizens Bank team in making this financing a reality.”

“Databank is known industry-wide for its leadership in providing top-quality data centers to meet its clients’ needs,” Thomas Westdyk, group head for First Citizens’ technology, media and telecommunications finance business, said.

“It was a pleasure to leverage our structuring expertise to support DataBank with the financing necessary to meet their customer-driven capital requirements,” Jeremy Wolfe, a managing director who led the First Citizens banking team on the transaction, said. “We look forward to continuing to work closely with them on future projects.”

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