KBRA assigns its final ratings to QTS Thunder Managing Issuer, LLC’s $3.25 billion senior secured term loans. The Outlook is Stable.
QTS and Blackstone (the sponsors) are adding five newly constructed data centers to an existing master indenture structure (MIS), creating a diversified portfolio of 12 fully contracted and stabilized data centers totaling 493.5MW across Richmond, Virginia; Phoenix, Arizona; Dallas, Texas; Columbus, Ohio; and Manassas, Virginia. The portfolio is fully leased to investment-grade hyperscale tenants under 10 triple-net leases and two double-net leases, with initial lease terms ranging from 15 to 20 years and renewal terms ranging from 10 to 15.3 years. The incremental financing will rank pari passu with approximately $4.3 billion of existing MIS indebtedness, bringing total senior secured indebtedness under the MIS to up to approximately $7.6 billion.
The incremental financing is for the addition of five assets totaling 214.5MW across Dallas,…
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