CIT Serves as Sole Lead Arranger of Financing for ICONIQ’s Equity Recapitalization of T5@Dallas and T5@PortlandThursday, September 29, 2016 08:30 AM
We are pleased to partner with T5 on their strategically located, industry-leading facilities and with CIT on the financing of the transaction.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Communications & Technology Finance served as Sole Lead Arranger and Sole Lead Bookrunner for a senior secured credit facility to ICONIQ Capital, LLC, a global multi-family office and merchant bank. The financing supported ICONIQ’s equity recapitalization of T5@Dallas and T5@Portland, two purpose-built, enterprise-grade data centers located in Plano (Dallas), Texas, and Hillsboro (Portland), Oregon. The centers were developed by T5, which owns and manages one of the largest privately held data center portfolios in the United States. The properties will remain under the T5 brand as part of the Company’s portfolio of nine data centers across a nationwide footprint, and T5 will continue to hold a meaningful ownership stake in the properties.
Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed. CIT Treasury Management is also providing cash management services to the legal entities that have control of T5@Dallas and T5@Portland following the recapitalization.
CIT previously served as Lead Arranger for a $55.5 million financing for the construction of T5@Portland and a $68.5 million financing for the construction of T5@Kings Mountain in North Carolina.
Tom Westdyk, Group Head and Managing Director, CIT Communications & Technology Finance, said, “We are excited to build upon our relationship with T5 by leading this transaction, and to begin a new relationship with ICONIQ Capital. The financial solutions we provided demonstrate the depth and breadth of the industry expertise, capital markets capabilities and cash management products that CIT delivers to its clients.”
Joe Junda, Managing Director, CIT Communications & Technology Finance, said, “The T5 assets involved in the transaction are highly regarded, purpose-built facilities with high-capacity power in attractive locations. Both facilities have quality tenants. We’ve had the pleasure of working with the T5 management team the past few years and are very supportive of this transaction. T5 has established a strong reputation for developing, constructing and managing data center facilities, as well as attracting high-profile customers and accommodating their evolving requirements.”
“T5 has extensive experience operating enterprise-grade data centers,” said John Sauter, Managing Director of Real Estate at ICONIQ Capital. “We are pleased to partner with T5 on their strategically located, industry-leading facilities and with CIT on the financing of the transaction.”
Pete Marin, President and Chief Executive Officer, T5 Data Centers, said, “The recapitalization of equity at T5@Dallas and T5@Portland marks an important milestone for the Company and demonstrates our ability to attract the highest-caliber capital partners as we continue to grow our portfolio of top-tier data centers nationwide. Once again, CIT provided strong financial leadership on this transaction, including capital markets expertise as well as a treasury management solution.”
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Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
About T5 Data Centers
T5 Data Centers (T5) is a leading national data center owner and operator, committed to delivering customizable, scalable data centers that provide an “always on” computing environment to power mission critical business applications. T5 Data Centers provides enterprise colocation data center services to organizations across North America using proven, best-in-class technology and techniques to design and develop facilities that deliver the lowest possible total cost of operations for its clients. T5 currently has business-critical data center facilities in Atlanta, Los Angeles, Dallas, Portland, Charlotte, and Chicago with new projects announced in New York, and Colorado. All of T5’s data center projects are purpose-built facilities featuring robust design, redundant and reliable power and telecommunications, and have 24-hour staff to support mission-critical computing applications. t5datacenters.com
About ICONIQ Capital
ICONIQ Capital is a global multi-family office and merchant bank for a core group of influential families. The firm provides a full spectrum of investment advisory services, serving as a thought partner and trusted advisor to its client base.
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