Carrier neutral data center facilities still in expansion mode despite sub prime crisis.
* Fortis and Rabobank are joined by ING in expanded credit facility
* Company announces H1 2008 results : 38% revenue growth and 33% adjusted EBITDA margins
Interxion, a leading European provider of carrier-neutral data centers, today announced that it has obtained a Euro 135 million revolving credit facility. The facility will be used to support Interxion’s customer led expansion strategy and provide for the acceleration of the build-out and expansion of Interxion’s data centre footprint across all of the 11 countries where it operates.
The credit facility was arranged by Fortis Bank (Nederland) B.V., Coöperatieve Rabobank Regio Schiphol U.A. and ING Bank N.V., with Fortis Bank (Nederland) B.V. acting as agent.
The credit facility is announced as the Company’s Interim Report 2008 revealed revenue growth of 38% to Euro 64.6 million for the six months ending 30 June 2008. Adjusted EBITDA margins increased to 33% from 23% in the same period last year.
“The new credit facility is a vote of confidence in the past performance and future prospects of Interxion and will allow us to meet growing customer demands in all of our markets,” said Josh Joshi, Interxion CFO.
Comment by Alan Crean on 15 September 2008:
Considering the credit crunch and that I had heard one of their computer rooms caught fire with temperatures of up to 800 degrees last Easter……………it must have been the due diligence from hell.
Also makes you wonder just how many more players that market can take and how much it will grow – as it does not seem to be an asset backed facility, the bank and the share holders must be seeing YoY double digit growth as the norm going forward.
Comment by thehotaisle on 15 September 2008:
Hi Alan,
For Interxion, a 38% revenue growth and 33% EBITDA are not to be sneezed at – even if EBITDA is adjusted. There is still a significant shortage of computer room capacity in the European market. I am finding quite significant price increases in Frankfurt that the vendors are quite firm on. A sign that we are still in a buyers market.
Data Center real estate values are mainly M&E residuals rater than convention price per square meter. Problem is many data center investors are looking at too long a depreciation cycle on their investment which distorts returns.
Steve
Comment by Alan Crean on 15 September 2008:
Considering the credit crunch and that I had heard one of their computer rooms caught fire with temperatures of up to 800 degrees last Easter……………it must have been the due diligence from hell.
Also makes you wonder just how many more players that market can take and how much it will grow – as it does not seem to be an asset backed facility, the bank and the share holders must be seeing YoY double digit growth as the norm going forward.
Comment by thehotaisle on 15 September 2008:
Hi Alan,
For Interxion, a 38% revenue growth and 33% EBITDA are not to be sneezed at – even if EBITDA is adjusted. There is still a significant shortage of computer room capacity in the European market. I am finding quite significant price increases in Frankfurt that the vendors are quite firm on. A sign that we are still in a buyers market.
Data Center real estate values are mainly M&E residuals rater than convention price per square meter. Problem is many data center investors are looking at too long a depreciation cycle on their investment which distorts returns.
Steve
Pingback by Interexion announced a refinancing deal a few weeks back with Fortis as a key player | The Hot Aisle on 7 October 2008:
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