Kirkland Advises Switch on Raising $768 Million in Latest Data Center ABS Issuance

Kirkland & Ellis advised Switch, a premier provider of AI, cloud and enterprise data centers, on the closing of an asset-backed securities offering, raising approximately $768 million through its Series 2026-1 issuance. The Class A-2 Notes are rated AAA (sf), AA (low) and A (low) by DBRS Morningstar, with an anticipated repayment date of March 2031. Net proceeds from the offering will be used to repay existing debt and for general corporate purposes. The transaction adds a Reno, Nevada-based data center of approximately 1.4 million square feet to the securitized portfolio. The facility contributes more than 52 MW of capacity and expands the trust into a fifth geographic market, further enhancing its scale and diversification.

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The Kirkland team included structured finance lawyers Kelly Mellecker, John Harrison, Amer Mohiuddin, Kelli Johnson and Suril Patel; capital markets lawyers Ross Leff and Leia Andrew; real estate lawyers David Arbus and James Koenderman; and tax lawyers Ben Schreiner, Richard Husseini, Jon Nelsen and Matthew Buono.