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Investing.com -- Urbacon Data Centre Solutions is looking to secure approximately C$320 million ($233 million) in debt financing backed by a new data center in Toronto.
The financing deal is supported by a long-term contract with a AAA rated technology company, according to Bloomberg, citing sources familiar with the matter who requested anonymity. The debt is structured with an expected repayment timeline of five years.
It should be noted that Microsoft (NASDAQ:MSFT) is the only U.S. tech company with an AAA credit rating. There are no public Canadian companies with an AAA rating.
Toronto-Dominion Bank (TSX:TD) is leading the transaction, which includes senior notes that are anticipated to receive an A- rating from Fitch. The deal could be brought to market as early as next week.
The new data center is located in Toronto, though specific details about its capacity and technical specifications were not disclosed.
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