NextDC completes $1.7b in hybrid securities offer
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The news: Data centre company NextDC has completed the wholesale offering of $1.7 billion in subordinated hybrid securities, which had received a binding commitment from Canadian investment group La Caisse for the full amount.
The numbers: The offer includes $1 billion announced on 7 April in the initial series and $700 million in a delayed draw series announced on 20 April.
Pro forma liquidity at 30 June 2026, following the close $1.8 billion of new senior debt facilities announced on 5 May, is expected to be $8.4 billion.
The context: The hybrid securities are “deeply subordinated” and rank more junior to all existing and future debt obligations. Settlement and issue of the initial series is expected on 15 May, and the delayed draw series can be issued over a 12-month period from 6 May.
Barrenjoey was the sole structuring adviser, lead manager and offer agent. Cadence Advisory provided independent financial advice and Mallesons was the legal adviser.
The source: ASX
