Stack Infrastructure has announced the issue of $850 million of securitised “notes”. The transaction represents another significant milestone for the company, following the recent launch of the Stack platform. The “notes” will provide financing for existing data centre development, market expansion, new site development, and future growth initiatives.
Stack’s offering includes hyperscale campuses and “build-to-suit data centres” (Hyper Stack), powered shell capacity (Power Stack), and immediately available RackReady wholesale colocation and private data halls (Ready Stack). The existing Stack platform totals over 100 megawatts of capacity.
The company announced the launch of its newly established platform and strategy on 15 January 2019, combining existing operating data centres in six US markets with potential for expansion and development. Stack is sponsored by IPI Partners, an investor in data centres and other technology and connectivity-related real assets.
The existing Stack operating assets, totaling over 100 megawatts of capacity and approximately 1.5 million square feet in aggregate, include:
- Assets previously marketed under the Infomart Data Centres brand:
- Ashburn, Virginia
- Portland, Oregon
- Silicon Valley, California
- Other assets already owned by IPI Partners:
- Atlanta, Georgia
- Chicago, Illinois
- Dallas/Fort Worth, Texas (2)
“The launch of Stack represents our collective vision, which is to address and support the full range of our clients’ critical technology infrastructure needs, both today and as they look to the future,” said Brian Cox, Chief Executive Officer. “Everything we do is designed to align our offering with our clients’ growth trajectories, so that we are always evolving to provide the solutions they need in the markets where they want to be.”
Mr. Cox joined Stack in October as Chief Executive Officer. To further support its growth, the Company has assembled a team purpose-built to implement its strategy, which includes a growing roster of veterans from both the technology and data centre sectors. Key recent additions include Ty Miller, Donough Roche, and Rick Waddle who serve as Chief Revenue Officer, Chief Operating Officer, and Senior Vice President of Construction & Development, respectively. Mr. Waddle is the most recent addition to the senior leadership team. He heads Stack’s construction efforts to address increasing client demand and brings facilities operations and construction experience from senior roles at Dupont Fabros Technology and AOL. Additional strategic hiring announcements supporting the Company’s growth are expected to be made in the coming month.
“The launch of Stack is an important milestone in the execution of a carefully crafted strategy to bring a unique understanding of the needs of enterprise and hyperscale users to the market,” said Phil Koen, Chairman of the Board of Directors. “The board is incredibly pleased with the momentum that this team has achieved in such a short period of time and we are committed to supporting the business as it capitalises on the numerous opportunities before it.”
“This financing immediately positions Stack with the long-term capital structure to support the scaled critical infrastructure demands of our growing clients,” said Brian Cox, Chief Executive Officer.