Kirkland Advises Switch on $659 Million Asset-Backed Securities Offering
Kirkland & Ellis advised Switch, a premier provider of AI, cloud and enterprise data centers, on the closing of its fourth asset-backed securities offering, raising nearly $659 million. The Class A-2 Notes are rated AAA, AA (low), A (low)and the Class B Notes are rated BBB (low) by DBRS Morningstar. This transaction marks Switch's fourth ABS offering, bringing total ABS issuance to approximately $3.5 billion and making Switch the largest single issuer of data center ABS since 2024. All of Switch's ABS issuances qualify as secured green bonds, underscoring the company's commitment to sustainability and responsible growth. Proceeds from this issuance will be used to fund Switch's growth strategy, which includes ongoing development at each of its five campuses for Hyperscale, AI, and enterprise customers. This ABS issuance marks Switch's first securitization with proceeds dedicated entirely to fund new development.
Read the transaction press release
The Kirkland team included structured finance lawyers Kelly Mellecker, John Harrison, Suril Patel, Wilson Carneiro and Lyra Jiang; real estate lawyers Rob Katsnelson and James Koenderman; tax lawyers Ben Schreiner, Richard Husseini, Jon Nelsen and Matthew Buono; capital markets lawyers Ross Leff and Leia Andrew; environmental transactions lawyer Michael Saretsky; investment funds ERISA lawyers Christine Matott, Joe Lifsics and Alec Bodendorfer; and investment funds regulatory lawyer Felix Jen.
