Fleet Data Centers prices $4.6B in secured notes for Reno hyperscale campus

By AI, Created 10:35 AM UTC, May 20, 2026, /AGP/ – Fleet Data Centers priced $4.6 billion of senior secured notes to help finance a major data center and substation project in Storey County, Nevada. The deal backs a 230 MW utility-capacity campus that is fully leased to a AA- investment-grade tenant under a 197-month triple net lease.

Why it matters: - The financing supports one of the largest disclosed hyperscale data center developments in the Reno area. - The project adds 230 MW of utility capacity, including 200 MW of critical IT capacity, in a market seeing growing demand for digital infrastructure. - The notes fund construction while also reimbursing prior land-acquisition equity, showing the project has moved beyond early-stage planning.

What happened: - Fleet Data Centers, a portfolio company of Tract Capital, priced $4.6 billion of 6.500% senior secured notes due 2031 through its subsidiary, PR RNO Property Owner I, LLC. - The notes will be sold in a private offering to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. - The issuer expects delivery of the notes via DTC on or about May 1, 2026, subject to customary closing conditions.

The details: - The proceeds will finance part of the development and construction of a turnkey data center and electrical substation on a 517-acre site in Storey County, Nevada. - The financing will also reimburse the sponsor for prior equity contributions used to acquire property for the project and cover related fees and expenses. - The project is 100% leased to a AA- investment-grade rated tenant with a market cap above $3 trillion under a 197-month triple net lease. - The notes pay cash interest semi-annually on May 1 and November 1, starting November 1, 2026. - The notes mature on May 1, 2031. - The notes carry annual amortization payments equal to 2.5% of the original principal amount, payable semi-annually. - The notes are secured by first-priority liens on substantially all assets of the issuer, excluding certain property, and on all equity interests in the issuer held by PR RNO HoldCo, LLC. - The notes have not been registered under U.S. securities laws or the laws of any other jurisdiction.

Between the lines: - The structure suggests Fleet Data Centers is using investment-grade tenancy and secured debt to de-risk a capital-intensive campus build. - The 100% lease-up and long-term triple net lease point to a financing model built around contracted cash flow rather than speculative demand. - Tract Capital is positioning Fleet Data Centers as part of a broader digital infrastructure strategy focused on large-scale campus development.

What’s next: - Fleet Data Centers will complete the offering if closing conditions are satisfied. - The issuer expects the notes to be delivered around May 1, 2026. - Construction financing will likely move forward alongside development of the Storey County campus.

The bottom line: - Fleet Data Centers has locked in a massive secured financing for a fully leased Nevada hyperscale campus, signaling continued capital formation around AI and cloud infrastructure demand.