Canberra Data Centres in new debt deal; Barrenjoey on the ticket
Morrison & Co-backed data centre owner CDC Data Centres is busy restocking its balance sheet with a new debt package.
Street Talk understands CDC is working with Barrenjoey Capital Partners to supersize its bank debt facilities by circa $800 million. Sources said debt presentations are under way with the Commonwealth Bank of Australia expected to lead the syndicate.
Inside Canberra Data Centres. Rodrigo Vargas
CDC’s last loan was for $2.7 billion in November 2022, similarly arranged by Barrenjoey. Fifteen lenders came on at the same time the company raised $308 million in 10-year and 15-year private placements. In May, CDC raised another $230 million in 10-year ninja loans from Japanese lenders.
The company has enjoyed a rapid growth trajectory since its founding in 2007. NZ-listed renewable energy infrastructure investor Infratil issued a fresh valuation of its investment in CDC in October, showing a $448 million increase over the six months since its March 31 assessment. The Kiwi giant now puts its 47.99 per cent stake in CDC between $3.64 billion and $4.19 billion – or a midpoint of $3.88 billion – implying $8.09 billion for 100 per cent of the business.
Full-year earnings before interest, tax, depreciation, amortisation and fair value adjustments guidance of $260 million to $270 million imply an EBITDA multiple north of 30-times.
The valuation boost was closely watched by much larger rival AirTrunk which is mulling an initial public offering or trade sale. AirTrunk’s contracted EBITDA is understood to be upwards of $600 million. Applying a 30-times multiple implies an enterprise value of $18 billion. Strip out $5 billion-odd of debt and that’s an IPO closer to $13 billion rather than the $10 billion figure being
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