Vault DI Issuer LLC: Presale Report
DBRS Limited (DBRS Morningstar) assigned provisional ratings of BBB to the Issuer Rating and the ratings of the Series 2021 Class A-1 $25 million variable funding notes (Class A-1 Notes) and the Series 2021 Class A-2 term notes of $225 million (Class A-2 Notes, and together with the Class A-1 Notes, the Senior Notes). The Senior Notes will be fully amortizing with a 25-year legal maturity, will be issued by Vault DI Issuer LLC (Vault or the Issuer), and will be backed by a portfolio of seven data centres and the leases in place with the tenants of the data centres. All trends are Stable. The proceeds of the Notes will be used to pay off fully existing indebtedness, fund reserve accounts, pay insurance premiums and taxes, and other general corporate purposes including future development of existing and new data centres in the portfolio. The additional penalty interest tranche associated with the Senior Notes is not rated in this provisional rating.
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