Wednesday, September 18, 2013

RagingWire Raises $230 Million to Fund Data Center Expansions

RagingWire Data Centers closed on a $230 million credit facility to fund its strategic growth plan and ongoing expansion of its data center campuses in Sacramento, California and Ashburn, Virginia. The funding was led by Bank of America Merrill Lynch, co-led by Comerica Bank, and included eight financial institutions in total. The interest rate varies from 200 to 350 basis points over LIBOR depending on leverage.

“We are pleased that our company is attracting significant investments from top financial institutions,” said Mark Morrow, chief financial officer at RagingWire. “The credit facility is structured to give us the ability to execute our strategy to grow the company rapidly and responsibly at favorable rates and terms."

RagingWire noted that its 500,000 square foot data center campus in Sacramento is almost entirely full and plans are underway for an additional facility in the area. In Ashburn, Virginia, the heart of “Data Center Alley,” RagingWire has five data center vaults within a 150,000 square foot facility and plans to build a 1,500,000 square foot campus on 78 acres of land in Ashburn that the company recently acquired.

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