Capital raised through sustainable financing structures to accelerate growth, reduce borrowing costs and retire acquisition-related debt
LAS VEGAS — JULY 15, 2025 — Switch, a premier provider of AI, cloud and enterprise data centers, today announced an expansion across its Borrowing Base and Revolving Credit Facilities to $10 billion. With this latest milestone, Switch has raised $20 billion since 2024 through sustainable financing structures, including sustainability-linked loans, green loans and green bonds.
The total capital raised includes $5.2 billion in previously announced CMBS and ABS issuances, among the largest in the sector, $4.5 billion in project-level infrastructure financings and the newly upsized credit facilities. Proceeds from these transactions will support the growth of Switch’s contracted campus developments nationwide, reduce its cost of capital and retire 100% of the bank debt incurred during its 2022 take-private transaction.
This capital foundation also supports the continued expansion of Switch’s cutting-edge product portfolio, including its latest innovation – Rob Roy’s EVO AI Factories. Purpose-built for next generation AI, hyperscale cloud and enterprise workloads, these AI factories feature a hybrid-air-and-liquid cooled design that supports extreme densities up to 2 MW per rack, all aligned with NVIDIA DGX™ and MGX roadmaps and ready for their latest systems. Construction is underway across all five Switch campuses, including Tahoe Reno and Atlanta – two of the fastest growing and strategically important AI infrastructure markets in the U.S., with phased capacity deliveries secured by long-term customer contracts.
“As digital infrastructure becomes more critical to enabling AI and next-generation technologies, our focus remains on delivering performance and reliability at scale,” said Thomas Morton, President of Switch. “With strong visibility into contracted demand, this capital access positions us to execute with speed and efficiency, while making sure the infrastructure we deliver stands up to future demands and continues to support our customers’ evolving needs.”
“Our capital strategy is centered on aligning long-term customer commitments with efficient, scalable funding,” added Madonna Park, Chief Financial Officer of Switch. “This expanded access to capital allows us to execute on secured developments and also provides us the flexibility and liquidity to best position us for continued growth.”
“We’re pleased to have continued strong support from both new and long-standing capital partners,” said Jesse Burros, Chief Investment Officer of Switch. “The oversubscription of our most recent financing reflects institutional confidence in our platform, driven by a fully contracted pipeline and disciplined execution.”
Backed by a broad and collaborative syndicate of leading financial institutions, the recent upsize of the Corporate Revolving Credit Facility was led by TD Securities and J.P. Morgan, who also served as Joint Lead Arrangers and Joint Bookrunners. ING serves as Sustainability Coordinator and TD Securities serves as Administrative Agent.
The secured Borrowing Base Facility was led by J.P. Morgan and TD Securities, who served as Co-structuring Agents, Joint Lead Arrangers and Joint Bookrunners. ING and TD Securities serve as Co-sustainability Coordinators and TD Securities also serves as Administrative Agent.
Across the other financing programs, the 2024 ABS issuances were supported by Morgan Stanley and MUFG as Co-structuring Advisors. TD Securities and RBC Capital Markets, LLC served as Joint Bookrunners. Passive Bookrunners included Société Générale, Truist Securities, Scotiabank, Santander, Citizens Capital Markets, Goldman Sachs and Guggenheim. ING, NatWest Markets, Standard Chartered Bank and Zions Capital Markets acted as Co-managers.
For the 2025 ABS issuance, Morgan Stanley and TD Securities served as Co-structuring Advisors. BMO Capital Markets, MUFG and Société Générale acted as Joint Bookrunners. Citizens Capital Markets, ING, Scotiabank, Standard Chartered Bank and Truist Securities participated as Passive Bookrunners. Co-managers included BofA Securities, BNP Paribas, CIBC Capital Markets, Mizuho, NatWest, PNC Capital Markets LLC and SMBC.
For the CMBS offering, Citigroup Global Markets Inc., Barclays, Goldman Sachs & Co. LLC, RBC Capital Markets and Wells Fargo Securities, LLC acted as Co-lead Managers and Joint Bookrunners.
In the project-level infrastructure financings, MUFG and SMBC served as Structuring Banks, Initial Coordinating Lead Arrangers and Joint Bookrunners. Mizuho and Société Générale also served as Initial Coordinating Lead Arrangers and Joint Bookrunners. ING, SMBC and Société Générale serve as Joint Green Loan Coordinators, reinforcing Switch’s commitment to sustainable infrastructure development. MUFG serves as Administrative Agent.
Milbank LLP acted as legal counsel to Switch for the Corporate Revolving Credit Facility, Borrowing Base Facility and project financings. Kirkland & Ellis LLP, Milbank LLP and Simpson Thacher & Bartlett LLP advised Switch on the ABS transactions, with Simpson Thacher & Bartlett LLP also serving as Switch’s counsel for the CMBS offering.
Paul Hastings acted as lenders’ counsel for the Corporate Revolving Credit Facility and Borrowing Base Facility. Davis Polk & Wardwell LLP acted as lenders’ counsel for the project-level infrastructure financings. Latham & Watkins represented the underwriters on the ABS transactions and for the CMBS offering, Dechert LLP served as lenders’ counsel and Orrick, Herrington & Sutcliffe LLP represented the underwriters.
About Switch Switch, founded in 2000 by CEO Rob Roy, stands at the forefront as the leading data center campus designer, builder and operator. As the AI, cloud and enterprise data center experts, Switch provides the most modular, scalable and sustainable data centers to the most discerning clients. The company offers a comprehensive, future-proof portfolio ranging from highly dense liquid cooled AI to hyperscale cloud and the industry’s highest rated and most-secure enterprise data centers. To learn more, visit www.switch.com and follow Switch on LinkedIn, Facebook and X.