Oracle · Datacenter Dynamics
Aligned raises $1.19bn in asset-backed securities
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Aligned Data Centers is raising $1.19 billion in asset-backed securities from real estate and tenant lease payments across four of its US data centers located in Ashburn, Virginia; Plano, Texas; and Northlake, Illinois.
Key facts
- At close, expected July 27, the deal will benefit from a $36.9m reserve account, funded from series 2026-1-L/C
- Under this new issuance, the aggregate appraised value of the trust will decrease by $1.09bn to $3.16bn
- According to a pre-sale report from S&P Global Ratings, three of the previous seven data centers in the data center firm’s series 2023-2 issuance will be removed from the trust at the series 2026-1
- Aligned was sold by Macquarie Asset Management to a consortium of companies, including BlackRock-owned Global Infrastructure Partners last year for $40bn
Summary
According to a pre-sale report from S&P Global Ratings, three of the previous seven data centers in the data center firm’s series 2023-2 issuance will be removed from the trust at the series 2026-1 closing. The transaction is a master trust, a special purpose vehicle used to bundle and securitize revolving debt across multiple series of bonds from a single, dynamic pool of assets. Under this new issuance, the aggregate appraised value of the trust will decrease by $1.09bn to $3.16bn. However, the four remaining properties in the trust increased in value by $887 million, with leased capacity rising by around 22MW.