KBRA Assigns Ratings to TierPoint Series 2024-1 and Takes Other Rating Actions
7 May 2024 | New York
KBRA assigns ratings to the Series 2024-1 Class B Notes (TierPoint 2024-1) issued by TierPoint Issuer, LLC and TierPoint Co-Issuer, LLC (the Co-Issuers), a data center ABS transaction. In addition to the issuance of the Series 2024-1, Class B Notes, the Series 2023-2, Class A-2 Notes will be upsized from $475 million to $900 million.
TierPoint 2024-1 represents the third series of notes issued by TierPoint Issuer, LLC and TierPoint Co-Issuer, LLC. All series share in the same collateral pool. No additional collateral will be added in connection with the issuance of TierPoint 2024-1. KBRA’s rating analysis incorporates all prior debt issuance of the Co-Issuers. KBRA affirms the ratings of the Series 2023-1/2 Notes with the issuance of TierPoint 2024-1.
TierPoint, LLC serves as the manager for the trust. The Notes are secured by 31 data centers generating approximately $407.7 million of Total Annualized Monthly Recurring Revenue (AMRR) and approximately $206.3 million of Annualized Adjusted Net Operating Income (AANOI) as of December 2023 (the Statistical Disclosure Date). This includes fee simple ownership interests in nine multi-customer enterprise data centers (37.7% of AANOI) located in eight markets and leasehold interests in 22 multi-customer enterprise data centers (62.3% of AANOI) located in 19 markets. The 31 data centers are comprised of approximately 703,893 square feet (sf) of data center space and can provide approximately 64.6 megawatts (MW) of critical load power to customers.
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