CyrusOne Enters into $3 Billion Senior Unsecured Credit Facility with JPMorgan ChaseMarch 29, 2018
S&C client CyrusOne entered into a $3 billion senior unsecured credit facility with JPMorgan Chase Bank, N.A. acting as administrative agent for a syndicate of 23 lenders. The facility consists of a $1.7 billion multi-currency revolving credit facility, $1 billion in five-year term loans (including a $300 million delayed draw tranche) and $300 million in seven-year term loans. The facility represents a significant improvement in terms and flexibility over CyrusOne’s previous credit facility, which it replaces, including an increase in the size of the facility by $1 billion, an extension of maturity dates, reductions in the interest rate margins, improvements to the financial covenants and enhanced flexibility in support of the company’s international expansion plans, including the ability to borrow in non-USD currencies.
CyrusOne, a real estate investment trust, is an owner, operator and developer of enterprise-class, carrier-neutral, multi-tenant data center properties. Its customers operate in a number of industries, including information technology, financial services, energy, oil and gas, mining, medical and consumer goods and services.
The S&C team was led by Ari Blaut, along with Daniel Loeser and James Oligino.