KBRA Assigns Preliminary Ratings to DataBank Series 2024-1
2 Feb 2024 | New York
KBRA assigns preliminary ratings to the Series 2024-1 Class A-2 notes issued by Databank Issuer, LLC and Databank Co-Issuer, LLC (DB 2024-1), a data center securitization. DB 2024-1 represents the fourth series of notes issued by DataBank Issuer, LLC and DataBank Co-Issuer, LLC. All series share in the same collateral pool, which will be increased with the additional collateral on the closing date of DB 2024-1. KBRA’s rating analysis incorporates all prior debt issuance of the issuers. KBRA anticipates affirming the ratings of all outstanding series with the issuance of DB 2024-1.
DataBank Holdings Ltd. serves as the manager for the trust. The Notes are secured by 35 data centers. This includes fee simple ownership interests in 18 (62.3% of net operating income) multi-customer enterprise data centers located in the Salt Lake City, Dallas, Houston, Denver, Kansas City, Atlanta, Pittsburgh and Irvine markets; leasehold interests in 15 (32.7% of net operating income) multi-customer enterprise data centers located in the Chicago, Dallas, Houston, Minneapolis, Indianapolis, Pittsburgh, Irvine, Las Vegas, Cleveland, Los Angeles, Salt Lake City and San Diego markets; leasehold interests in one (2.1% of net operating income) multi-customer enterprise data center that is subject to a 99-year air space lease located in Atlanta and one (2.9% of net operating income) multi-tenant enterprise data center that is subject to a long-term lease with a 25-year initial term and 12 extension periods of 10 years located in Texas. The securitized data centers are comprised of approximately 1.5 million square feet (sf) of data center space and can provide approximately 243 megawatts (MW) of critical load power to customers.
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