21 March 2022
We have advised Digital 9 Infrastructure plc (Digital 9) on its £300 million Revolving Credit Facility (RCF) with an international syndicate of four banks including the Royal Bank of Scotland International Limited, DNB (UK) Limited, Royal Bank of Canada, and Banco Santander.
Digital 9’s investment manager is Triple Point Investment Management LLP, an experienced manager with over £2.7 billion of private, institutional and public capital under management.
The RCF has a further uncommitted accordion provision allowing Digital 9 to request an increase of up to an additional £200 million.
This is Digital 9’s first debt facility with an initial term of three years expiring on 14 March 2025 which may be extended twice by a further 12 months.
Commenting on the transaction, Banking & Finance Partner Fiona Coady, said: "This is another ground-breaking transaction for Digital 9, having secured its £300 million main market IPO in April 2021. The group continues to identify attractive investment opportunities for its portfolio and the level of lender interest received on this transaction reaffirms the quality of its existing portfolio. We look forward to continuing the strong relationship we have built with the team."
Thor Johnsen, Head of Digital Infrastructure at Triple Point Investment Management LLP, added: "We are delighted to have secured a flexible RCF in order to maintain an efficient balance sheet, enabling us to act quickly on attractive investment opportunities. We are looking forward to working closely with the bank syndicate to deliver Digital 9's ambitious growth program in the years to come."
Ralph Weichelt, Head of Debt Capital Markets at Triple Point Investment Management LLP, commented: "We are pleased to have developed jointly with Royal Bank of Scotland International as structuring bank and the wider bank syndicate a new lending framework for a growing sector. Fiona and the Taylor Wessing team have been exceptional in every respect of the transaction and provided tremendous value to us with their experience and highly innovative, commercial advice.”
The team was led by Banking & Finance Partner Fiona Coady, with support from Senior Associate Kate Bowden, and Associate Amy Edwards-Knight.