NEW YORK, Dec. 12, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Technology, Media and Telecommunications Finance business served as lead arranger of $345 million in financing on behalf of DataBank for construction of a new hyperscale data center in the Atlanta, Georgia, area.
A leading provider of enterprise-class edge colocation, interconnection, and managed cloud services, DataBank is expanding its data center capacity to meet the burgeoning demand for artificial intelligence applications.
DataBank's new ATL4 facility, located 20 minutes outside of downtown Atlanta, is a single-tenant, fully leased data center that will be supported with renewable power. The facility is expected to open in Q3 2024.
"This new financing will allow us to continue bringing important capacity to market to meet extremely high demand for data center space and power," said Kevin Ooley, DataBank's President & CFO. "We appreciated the agility and expertise of the First Citizens Bank team in making this financing a reality."
"Databank is known industry-wide for its leadership in providing top-quality data centers to meet its clients' needs," said Thomas Westdyk, group head for First Citizens' Technology, Media and Telecommunications Finance business.
"It was a pleasure to leverage our structuring expertise to support DataBank with the financing necessary to meet their customer-driven capital requirements," said Jeremy Wolfe, a managing director who led the First Citizens banking team on the transaction. "We look forward to continuing to work closely with them on future projects."
First Citizens' Technology, Media and Telecommunications Finance team provides cash flow and asset based senior debt for communications and technology companies in the middle market throughout the United States.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.
SOURCE First Citizens Bank