Switch raises $768M via Series 2026-1 ABS securitization

Switch announced the closing of its Series 2026-1 ABS offering, raising approximately $768 million and adding a Reno, Nevada data center to its securitized trust.

• Main announcement: Switch closed a Series 2026-1 ABS issuance raising approximately $768 million; the Class A-2 Notes carry ratings of AAA (sf), AA (low) and A (low) by DBRS Morningstar, have an anticipated repayment date of March 2031, and net proceeds will be used to repay existing debt and for general corporate purposes. The transaction adds a Reno, Nevada data center (~1.4 million sq ft, >52 MW capacity) and expands the master trust into a fifth geographic market.
• Background and details: Following the deal, the securitized pool includes 11 data centers across five U.S. markets, serves more than 550 customers, and derives ~84% of trust revenue from investment-grade customers. This is Switch’s fifth ABS issuance since 2024, bringing total ABS issuance in that period to ~$4.2 billion; all ABS issuances qualify as secured green bonds. Transaction advisors included Barclays, Citigroup, BMO Capital Markets, Truist, with counsel Kirkland & Ellis LLP for Switch and Latham & Watkins LLP for the underwriters.