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QTS Announces Closing of a New $125 Million Revolving Credit Facility

New financing provides for enhanced financial flexibility, reduces existing debt

QTS (Quality Technology Services), one of the nation's largest and fastest-growing providers of data centers and managed services, today announced the closing of a new, $125 million revolving credit facility.  The credit facility is secured by the QTS Atlanta Metro Data Center asset. The facility also provides for an accordion feature to increase the amount of the facility up to $250 million.

QTS was able to repurchase the debt at a discount and in conjunction with this transaction was able to reduce the Company's aggregate indebtedness by over $60 million.  Simultaneously the Company was able to create additional credit capacity of $55 million.

"We are appreciative of the confidence shown in QTS by the willingness of several financial institutions to participate in this revolving credit facility.  In addition to providing funds which enabled the Company to take advantage of the debt repurchase discount, the facility provides for enhanced financial flexibility and significantly reduces the Company's outstanding debt and related interest expense," said Bill Schafer, Chief Financial Officer of QTS.  "This new facility also establishes relationships with several financial institutions.  We would like to thank KeyBanc Capital Markets, and all of the other participants for their commitment to this facility in a timely manner."

The new revolving credit facility was arranged by Key Bank which also serves as administrative agent.  The facility currently includes lead arranger KeyBanc Capital Markets and four additional financial institutions as participants, including Citibank, N.A.; Credit Suisse AG; Deutsche Bank Trust Company Americas; and Royal Bank of Canada.

QTS currently owns and operates over 3.1 million square feet of data center space in 12 facilities across seven states.  The company announced the acquisition of a 1.3 million square foot facility in Richmond, VA in Q2 2010.

More Stories By Karyn Price

Karyn joined the Bailiwick Company ten years ago, and spends the majority of her time managing media relations and corporate, employee and marketing communications for her telecommunications and technology clients. She currently leads the company's public relations practice. With an eye toward results, she works diligently to secure meaningful coverage for clients in relevant print and online publications, as well as in key financial and analyst reports. Her new-found passion for social media has ignited additional interest for the clients she serves. Prior to joining Bailiwick, Karyn was the communications manager for the Bucks County Conference & Visitors Bureau, where she publicized the beauty, art and culture that the region offers to leisure travelers. Under her direction, the county saw a 43 percent increase in travel leads. She has also spent time in advertising. Karyn holds an M.A. in Professional Communication from La Salle University and a B.A. in Communication from Elizabethtown College. Outside of the office she enjoys music, spending time with family and reading great novels. Please note that the views expressed on this site are mine and do not necessarily reflect the views of the clients I represent.

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