"Switch Raises $659 Million in Fourth Asset-Backed Securities Offering, Solidifying Position as Leading Data Center ABS Issuer"

Kirkland & Ellis served as legal counsel to Switch, a leading provider of AI, cloud, and enterprise data centers, in connection with its fourth asset-backed securities (ABS) offering. The transaction successfully raised nearly $659 million through the issuance of Class A-2 Notes, which received ratings of AAA, AA (low), and A (low), as well as Class B Notes rated BBB (low) by DBRS Morningstar. This marks Switch's fourth ABS offering, contributing to a total issuance of approximately $3.5 billion, solidifying its position as the largest single issuer of data center ABS since 2024. Notably, all of Switch's ABS issuances qualify as secured green bonds, reflecting the company's dedication to sustainability and responsible growth. The proceeds from this issuance are earmarked to support Switch's growth strategy, which includes ongoing development across its five campuses for Hyperscale, AI, and enterprise customers. This issuance is particularly significant as it is the first securitization by Switch with proceeds exclusively allocated for new development. The Kirkland team involved in this transaction included structured finance lawyers Kelly Mellecker, John Harrison, Suril Patel, Wilson Carneiro, and Lyra Jiang; real estate lawyers Rob Katsnelson and James Koenderman; tax lawyers Ben Schreiner, Richard Husseini, Jon Nelsen, and Matthew Buono; capital markets lawyers Ross Leff and Leia Andrew; environmental transactions lawyer Michael Saretsky; investment funds ERISA lawyers Christine Matott, Joe Lifsics, and Alec Bodendorfer; and investment funds regulatory lawyer Felix Jen.

"Switch Raises $659 Million in Fourth Asset-Backed Securities Offering, Solidifying Position as Leading Data Center ABS Issuer"

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