Switch secures $2.6B facility to scale data center power

Switch announced a $2.6 billion syndicated performance letter of credit facility on April 21, 2026, to expand its ability to procure power and to back new transmission and generation for its gigawatt-scale data center campuses.

• Main announcement: Switch has secured a $2.6 billion syndicated performance LC facility (standalone and separate from its revolving credit and borrowing base facilities) to advance power procurement, provide credit backing for new transmission and generation projects, enable timely execution of large-scale campus buildouts, and support long-term cost management across its gigawatt-scale campuses (announcement dated April 21, 2026). The facility was arranged with a syndicate led as structuring banks and initial coordinating lead arrangers by BBVA and Natixis CIB, with Natixis CIB serving as administrative agent.
• Background and deal details: The announcement notes Switch has raised over $24 billion in financing since 2024 and holds over $10 billion of revolving capital commitments to fund new development; other coordinating lead arrangers and joint bookrunners include BNP Paribas, Citibank N.A., Societe Generale, and joint lead arrangers include CIBC, Rabobank, RBC, Scotiabank, SMBC, with Standard Chartered as mandated lead arranger. Milbank LLP acted as legal counsel to Switch and Paul Hastings acted as lenders’ counsel. The company described the facility as the first of its kind in the data center industry and indicated the intent to upsize the facility as demand grows.