The transaction is a securitisation of data centre lease receivables, related to two data centres in Newport, in the United Kingdom. The issuer, Vantage Data Centers Jersey Borrower SPV Limited used the GBP 600.0m proceeds from the issuance of the Class A-2 notes to refinance existing debt, fund several transaction reserves, finance third-party transaction costs. Furthermore, it may use the proceeds also for general corporate purposes, including the development of data centres. The transaction closed in May 2024. The notes have an anticipated repayment date in May 2029 and a final maturity date in May 2039.

The outstanding principal balance of the Class A-1 variable funding notes can be increased after closing, up to the total committed amount of GBP 100.0m. Payments related to the Class A-1 notes rank senior to the payments on the Class A-2 notes in the pre-enforcement priority of payments, but pari passu in the post-enforcement priority of payments. Drawings on the Class A-1 notes are subject to conditions, which include rating agency confirmation.

This rating agency confirmation regarding the Class A-2 notes follows the GBP 43.0m drawing on the Class A-1 variable funding note which took place on 19 December 2024.

Scope’s analysis only covers the credit impact associated with the drawing described above. Scope has not addressed other non-credit related effects that may be relevant for investors and/or counterparties when assessing the impact of the drawing.

This announcement note does not constitute a Credit Rating Action, nor does it indicate the likelihood that Scope will conduct a Credit Rating Action in the short term. Information about the latest Credit Rating Action connected with this announcement along with the associated rating history can be found on www.scoperatings.com.