March 23, 2017 12:29 AM ET

Internet Software and Services

Company Overview of QualityTech, LP

Company Overview

QualityTech, LP, through its subsidiaries, owns, operates, and manages data center infrastructure facilities for enterprise businesses. The company was incorporated in 2009 and is based in Overland Park, Kansas.

12851 Foster Street

Suite 205

Overland Park, KS 66213

United States

Founded in 2009

Phone:

877-787-3282

Key Executives for QualityTech, LP

Executive Director
Age: 45
Compensation as of Fiscal Year 2016.

QualityTech, LP Key Developments

QualityTech, LP Enters into Unsecured Fifth Amended and Restated Credit Agreement

On December 20, 2016, QualityTech, LP entered into an unsecured Fifth Amended and Restated Credit Agreement with KeyBank National Association, as agent, the lenders party thereto, KeyBanc Capital Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and TD Securities (USA) LLC, as joint lead arrangers and joint bookrunners, and Bank of America, N.A. and TD Securities (USA) LLC, as co-syndication agents. The Amended and Restated Agreement amended and restated the Fourth Amended and Restated Credit Agreement dated as of October 27, 2015 by and among the Operating Partnership, the lenders party thereto, KeyBank National Association, as agent, the lenders party thereto, Bank of America, N.A., as co-syndication agent, Deutsche Bank Securities Inc., as co-syndication agent, Regions Bank, as co-syndication agent, and KeyBanc Capital Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Regions Capital Markets, as joint lead arrangers and joint bookrunners. The Amended and Restated Agreement is guaranteed by substantially all of the Operating Partnerships subsidiaries. The Amended and Restated Agreement provides for a term loan of $300 million, maturing on December 17, 2021, an additional term loan of $200 million, maturing on April 27, 2022, and a revolving credit facility of $700 million, maturing on December 17, 2020, with the option to extend until December 17, 2021, subject to satisfaction of certain conditions (collectively, the Unsecured Credit Facility). The Unsecured Credit Facility may be increased to up to $1.5 billion, subject to certain conditions, including the consent of the agent and obtaining necessary commitments. The lenders under the Unsecured Credit Facility may issue up to $30 million in letters of credit subject to the satisfaction of certain conditions. As of December 20, 2016, the term loans were fully funded and $139.0 million was outstanding under the revolving credit facility. The availability under the revolving credit facility is the lesser of $700 million, 60% of the unencumbered asset pool capitalized value (or 65% of the unencumbered asset pool capitalized value for the two consecutive fiscal quarters immediately following a material acquisition for which the Operating Partnership has provided written notice to the Agent) and the amount resulting in an unencumbered asset pool debt yield of 14% (or 12.5% for the two consecutive fiscal quarters immediately following a material acquisition for which the Operating Partnership has provided written notice to the Agent). In the case of clauses and of the preceding sentence, the amount available under the revolving credit facility is adjusted to take into account any other unsecured debt and certain capitalized leases. A material acquisition is an acquisition of properties or assets with a gross purchase price equal to or in excess of 15% of the Operating Partnership's gross asset value (as defined in the Amended and Restated Agreement) as of the end of the most recently ended quarter for which financial statements are publicly available. Amounts outstanding under the Amended and Restated Agreement bear interest at a variable rate equal to, at the Operating Partnerships election, LIBOR or a base rate, plus a spread that will vary depending upon the company's leverage ratio. For revolving credit loans, the spread ranges from 1.55% to 2.15% for LIBOR loans and 0.55% to 1.15% for base rate loans. For term loans, the spread ranges from 1.50% to 2.10% for LIBOR loans and 0.50% to 1.10% for base rate loans. As of December 20, 2016, the weighted average interest rate for amounts outstanding under the Amended and Restated Agreement was 2.22% for revolving credit loans and 2.16% for term loans. Upon obtaining an investment grade rating, the Amended and Restated Credit Agreement permits the Operating Partnership to request revolving loan borrowings with interest rates and terms that are to be set pursuant to competitive bid procedures ("bid loans"); however, the lenders are not required to extend borrowings pursuant to such competitive bid procedures. The sum of all outstanding bid loans may not exceed 50% of the total revolving credit commitment. The bid loan sublimit is a part of, and not in addition to, the total revolving credit commitment.

QualityTech, LP Enters into Fourth Amended and Restated Credit Agreement with Keybank National Association

On October 27, 2015, QualityTech, LP (the “Operating Partnership”), the operating partnership of QTS Realty Trust Inc. (the “Company”), entered into a Fourth Amended and Restated Credit Agreement with KeyBank National Association, as agent, the lenders party thereto, Bank of America, N.A., Citizens Bank, National Association f/k/a RBS Citizens, N.A., Deutsche Bank Securities Inc., Regions Bank, SunTrust Bank and Toronto Dominion (Texas) LLC, as co-syndication agents, and KeyBanc Capital Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Regions Capital Markets, as joint lead arrangers and joint bookrunners. The Amended and Restated Agreement amended and restated the Third Amended and Restated Credit Agreement dated as of December 17, 2014 by and among the Operating Partnership, the lenders party thereto, KeyBank National Association, as agent, Bank of America, N.A., as co-syndication agent, Deutsche Bank AG New York Branch, as co-syndication agent, and Regions Bank, as co-syndication agent, and KeyBanc Capital Markets, as sole lead arranger and sole book manager, as amended. Borrowings under the Amended and Restated Agreement are unsecured and guaranteed by substantially all of the Operating Partnership’s subsidiaries. The Amended and Restated Agreement provides for a term loan of $150 million, maturing on December 17, 2020 ("Term Loan A"), an additional term loan of $150 million, maturing on April 27, 2021 ("Term Loan B"), and a revolving credit facility of $600 million, maturing on December 17, 2019, with the option to extend until December 17, 2020, subject to satisfaction of certain conditions (collectively, the “Unsecured Credit Facility”). The Unsecured Credit Facility may be increased to up to $1.1 billion, subject to certain conditions, including the consent of the agent and obtaining necessary commitments. The lenders under the Unsecured Credit Facility may issue up to $30 million in letters of credit subject to the satisfaction of certain conditions. As of October 27, 2015, the term loans were fully funded, $206 million was outstanding under the revolving credit facility and there was an additional $2.0 million letter of credit outstanding. The availability under the revolving credit facility is the lesser of (i) $600 million, (ii) 60% of the unencumbered asset pool capitalized value and (iii) the amount resulting in an unencumbered asset pool debt yield of 14%. In the case of clauses (ii) and (iii) of the preceding sentence, the amount available under the revolving credit facility is adjusted to take into account any other unsecured debt and certain capitalized leases. Amounts outstanding under the Amended and Restated Agreement bear interest at a variable rate equal to, at the Operating Partnership’s election, LIBOR or a base rate, plus a spread that will vary depending upon the Company’s leverage ratio. For revolving credit loans, the spread ranges from 1.55% to 2.15% for LIBOR loans and 0.55% to 1.15% for base rate loans. For term loans, the spread ranges from 1.50% to 2.10% for LIBOR loans and 0.50% to 1.10% for base rate loans. As of October 27, 2015, the weighted average interest rate for amounts outstanding under the Amended and Restated Agreement was 1.75% for revolving credit loans and 1.69% for term loans.

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Recent Private Companies Transactions

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