Switch has expanded its Borrowing Base and Revolving Credit Facilities to $10 billion. By completing this latest round of funding, 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, as well as $4.5 billion in project-level infrastructure financings and the newly upsized credit facilities.
Switch said the proceeds from these transactions will support the growth of its contracted campus developments nationwide, reduce its cost of capital, and retire 100% of the bank debt incurred during its 2022 take-private transaction.
A key piece of the expanded capital will support Switch’s ongoing expansion of its product portfolio, including its latest innovation – Rob Roy's EVO AI Factories. Focused on accommodating next-generation AI, hyperscale cloud, and enterprise workloads, these AI factories feature a hybrid air- and liquid-cooled design that supports extreme densities of up to 2 MW per rack, all aligned with NVIDIA DGX and MGX roadmaps and ready for their latest systems.
Switch is constructing Rob Roy's EVO AI Factories across all five of its 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.
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.
"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."
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