DALLAS, March 11, 2015 /PRNewswire/ -- Compass
Datacenters and KeyBank, as syndication agent, have secured a
$25 million credit commitment from
CIT Group Inc. (NYSE: CIT), a leading provider of commercial
lending and leasing services. Financing was provided by CIT Bank,
the U.S. commercial bank subsidiary of CIT. CIT joins Compass'
other financial partners that have supported the company's growth
across the United States,
including KeyBank, Regions Bank and Raymond
James. Compass will use this credit facility to fulfill
customer orders for data center facilities and expand Compass'
operations into additional metro areas with burgeoning demand for
dedicated data centers. This latest commitment brings the total
credit facility to $135MM.
"Strong relationships with our banking partners are critical to
support the growth at Compass. I am very pleased to add CIT to our
facility," said Chris Crosby, CEO of
Compass Datacenters. "CIT has been very active in the data center
space, and I look forward to adding their expertise to Compass'
great banking partners. These funds will be utilized to support the
vision that we have to provide our dedicated data centers anywhere
our clients need them. I envision 2015 to be a year in which we
scale the business not only in terms of new customers, but also as
it relates to the people, processes and systems behind our unique
approach to building and operating world-class data centers. This
commitment supports that vision."
"CIT is pleased to support Compass through our participation in
this financing transaction," said Joe
Junda, Managing Director, CIT Corporate Finance,
Communications, Information Services & Technology Financing.
"The company's built-to-suit product seeks to address the major
risks faced by data center investors, such as large capital outlays
and lease-up risks, by securing long term leases and building Tier
III certified scalable data centers that can be built efficiently
anywhere in the U.S. Compass has an excellent management team, led
by Chris Crosby, which has deep
experience in data center development and construction.
Participation in this transaction further supports CIT's commitment
in the data center sector and we look forward to growing this
relationship with Compass."
About Compass Datacenters
Compass Datacenters builds dedicated data centers that provide
customers with an enhanced level of control, pay-as-you-go
expansion, and future-ready capabilities in a facility that can be
built anywhere in under six months. For more information, visit
www.compassdatacenters.com.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company
with more than $35 billion in financing and leasing assets. It
provides financing, leasing and advisory services to its clients
and their customers across more than 30 industries. CIT maintains
leadership positions in middle market lending, factoring, retail
and equipment finance, as well as aerospace, equipment and rail
leasing. CIT's U.S. bank subsidiary CIT Bank (Member FDIC),
BankOnCIT.com, offers a variety of savings options designed to help
customers achieve their financial goals. cit.com
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SOURCE Compass Datacenters