• Serverfarm added $895m to its revolving credit facility, taking total commitments to $3.89bn
  • The financing supports North American development including campuses in Houston, Clarksville and Atlanta, although Serverfarm has not disclosed the amount already drawn

The fact

Serverfarm has expanded its revolving credit facility to $3.89bn in commitments after securing an additional $895m last month. The company said on 16 September that the financing will support data-centre development across North America.

Projects named in the announcement include Serverfarm's Houston campus in Texas, Clarksville campus in Arkansas and Atlanta campus in Georgia. The facility is backed by a syndicate of 22 banks and one institutional lender. Serverfarm has not disclosed how much of the $3.89bn is currently drawn, how the financing is allocated between individual campuses or the maturity of the facility. The announcement also gives no new delivery dates, MW figures or customer commitments for the three projects.

The assessment

A revolving credit facility gives Serverfarm borrowing capacity it can draw, repay and reuse as projects require capital. That makes the $3.89bn figure different from a construction budget already committed to specific campuses. The amount actually supporting development depends on how much Serverfarm draws and where that money is deployed.

That flexibility can be useful when several projects are moving through land, design, power and construction work at different speeds. It does not establish that any named campus has secured the power, customers or remaining approvals needed to enter service.

For BTW readers, the $3.89bn figure shows access to financing rather than how much infrastructure is about to be delivered. Drawn balances, project-level spending and construction milestones will show how much of that borrowing capacity is actually moving into Serverfarm's campuses.

What to watch

Watch for disclosure of the drawn balance, facility maturity and any project-level allocation of the financing. Construction starts, power agreements, customer leases and confirmed MW at Houston, Clarksville and Atlanta would provide stronger evidence that borrowing capacity is turning into deliverable infrastructure.