The Brief:
NEXTDC taps the market with a $1bn 100-year subordinated hybrid securities offer to fund its data centre expansion
Mallesons advises, led by Banking and Finance partner Andrew Maynes
Mallesons has advised NEXTDC Limited on a $1bn wholesale offer of subordinated hybrid securities to fund the continued build-out of its data centre platform.
The deal
The offer is backed by a $1bn binding commitment from La Caisse, the Québec-based global investment group, signalling strong institutional confidence in NEXTDC's pipeline.
The raise gives NEXTDC flexible, long-duration capital to finance new data centres and expand existing capacity as demand for digital infrastructure accelerates. The securities are a 100-year subordinated debt instrument with a five-year non-call period.
Australia's largest ASX-listed data centre operator, NEXTDC, currently runs 17 facilities across Australia and Asia, with another 12 in development or planning.
Who's acting
Mallesons advised NEXTDC, led by Banking and Finance partner Andrew Maynes, with support from partners Phil Harvey and Yuen-Yee Cho, special counsel Kat Tomasic and solicitor Georgia Weeden.
Tax was led by partner Scott Heezen, assisted by solicitor Fiona Pyliotis. Partners David Friedlander and Amanda Isouard headed the M&A team.
Barrenjoey served as sole structuring adviser, lead manager and offer agent. Cadence Advisory acted as an independent financial adviser.
What they said
Andrew Maynes:
"This transaction reflects the growing sophistication of funding structures supporting digital infrastructure and the increasing convergence between infrastructure and technology investment.”
Source: Mallesons