CIT Serves as Sole Lead Arranger of Financing for ICONIQ’s Equity Recapitalization of T5@Dallas and T5@Portland
September 29 2016 - 8:30AM
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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About CIT
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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