Into a Fifth Geographic Market: Switch's Release on Its Series 2026-1 Asset-Backed Notes

Switch, which describes itself as a provider of AI, cloud and enterprise data centers, announced on April 14, 2026, in a release on its own site, that it had closed an asset-backed securities offering. The issuance, its Series 2026-1, raised approximately $768 million. The release says the Class A-2 Notes come "with an anticipated repayment date of March 2031," and gives three ratings for them, which are not reported here. Parts of the release follow, not the whole.

Existing Debt and a Data Center Added to the Portfolio

"Net proceeds from the offering will be used to repay existing debt and for general corporate purposes," the release says. It does not say which debt is repaid, how much of it, or how the proceeds divide between the two uses.

The transaction also adds a data center in Reno, Nevada, of approximately 1.4 million square feet to the securitized portfolio, and the release says the facility "contributes more than 52 MW of capacity and expands the trust into a fifth geographic market."

A use of proceeds that names neither the debt to be repaid nor its size leaves a reader to take the release's word for it.

The Securitized Pool

After the issuance, the release says, the securitized pool "includes 11 data centers across five U.S. markets, serving more than 550 customers." On credit, it says that "Approximately 84% of trust revenue is derived from customers with investment-grade credit profiles." The release names none of those customers.

This is the company's fifth asset-backed issuance since 2024, it says, "bringing total ABS issuance during that period to approximately $4.2 billion." It adds that all of the company's asset-backed issuances "qualify as secured green bonds."

Which existing debt will the net proceeds repay?