backKing & Spalding advised Guggenheim Securities, LLC (Guggenheim) on CloudHQ’s $1.4 billion inaugural asset-backed securities (ABS) issuance and the establishment of a hyperscale/wholesale ABS master trust platform.
The transaction represents the largest inaugural platform of its kind placed with capital markets investors and included $1.2 billion of senior notes and $200 million of subordinated notes across multiple tranches. It is the first data center securitization to achieve dual Big Three triple-A ratings, including the first-ever Fitch AAA rating in the sector, and was significantly oversubscribed across all tranches, reflecting strong investor demand. The offering also establishes a new benchmark for digital infrastructure financing and expands access to institutional capital for hyperscale data center development.
The King & Spalding team advising Guggenheim included David Ridenour, Katesha Long, Joshua Diaz, Alison Elizabeth Pearman, Jennifer Fenge and Taylor Kern.