Latham Advises on Yondr’s Inaugural £532 Million Data Center Securitization

Latham & Watkins has advised the underwriters on Yondr Group's inaugural £532 million issuance of securitized term notes. Co-owned by DigitalBridge and LaCaisse, Yondr is a leading developer, owner, and operator of global hyperscale data centers. This transaction marks Yondr's debut in the public capital markets and Yondr's first green bond to be issued under its Green Finance Framework. The deal was led by Barclays Bank PLC, as sole structuring advisor and sole green structuring coordinator, together with Goldman Sachs International as joint lead managers and joint bookrunners. ABN AMRO Bank N.V., Deutsche Bank AG, London branch, Nomura Financial Products Europe GmbH, and Societe Generale S.A. acted as co-managers for the issuance.

The notes have been issued by Ramsgate DC Holdings UK 1 S.à r.l. as a securitization of leases in two data centers with a hyperscale customer, with the proceeds being used to refinance part of Yondr’s over 100MW campus in Slough, UK, one of Europe’s largest data center hubs. The campus comprises three data centers strategically located near London, the first and second of which are fully operational, delivering over 60MW of capacity, and form part of the securitization.

The Latham team was led by London partner Jeremiah Wagner and London counsel Kamal Dalal, with associates Wai Yin (Jason) Wong and Milan Szvatko. Advice was provided on real estate matters by London partner Quentin Gwyer, with associate Philip Charteris; on US securities matters by New York partner David Siegel, with associate Eunice Chay; and on tax matters by London partner Karl Mah, New York partner Elena Romanova, and London counsel Lina Le Roux, with New York associates Seung Hyun (Sam) Yang and Ethan Lee.