Australian firm Canberra Data Centers has completed a US$1.8 billion refinancing.

Regional law firm Gilbert+Tobin (G+T) this week said it advised CDC Data Centres (CDC) on the AU$2.7 billion refinancing and upsizing of its debt facilities and its AU$308 million (US$209.4m) US Private Placement issuance, the first capital markets issuance for the group.

The bank debt transaction involved 15 lenders participating across multiple tranches ranging from two to seven years, whilst the placement provides long-term funding in 10- and 15-year tranches.

G+T said the new financing will provide CDC with ‘additional liquidity and funding certainty’ for its development pipeline, as well as improved flexibility for its operations.

The G+T team was led by Banking + Projects Partner, Stuart Cormack, with support from Corporate Advisory partner David Josselsohn and by lawyers Jack Naughton, James Soussa, and Catrina Chen.

Cormack said: “It was a pleasure to assist CDC on this transformative debt financing and capital markets issuance. This transaction demonstrates that despite volatile capital markets there is still very strong appetite in the Australian and global debt markets for high quality borrowers like CDC Data Centres. With the demand for data center space at an all-time high in Australia and New Zealand, and with no sign of this slowing down, CDC’s new debt structure make it exceedingly well placed to capitalize on this growth.”

CDC currently operates 13 data centers across six campuses in Auckland, Canberra, and Sydney and is building a new data center campus in Melbourne. The company this week said it had acquired more land in New Zealand to expand its two recently-opened campuses in Auckland.