Mallesons has advised NEXTDC Limited (ASX: NXT) on a A$1.5 billion accelerated non-renounceable entitlement offer and the A$700 million increase to its hybrid securities offer. Together, the two funding initiatives form an approximately A$2.2 billion funding package supporting the accelerated development of data centre capacity.
The capital raise follows a sharp increase in demand, with NEXTDC reporting an 83% increase in its pro forma Forward Order Book since 31 December 2025 and a record uplift in contracted utilisation.
The transaction provides NEXTDC with additional capital flexibility to accelerate the build-out of capacity in response to growing customer demand. It also reflects the increasingly sophisticated funding structures being used to support large-scale digital infrastructure platforms.
The Mallesons team was led by Banking and Finance Partner Andrew Maynes, supported by Partners Philip Harvey and Yuen-Yee Cho, Special Counsel Kat Tomasic and Solicitor Georgia Weeden. Tax aspects were led by Partner Scott Heezen, assisted by Solicitor Fiona Pyliotis.
The ECM team was led by Partners David Friedlander and Amanda Isouard, supported by Senior Associate Mitch Fairbairn, Jaspreet Nagra, Henry Sit and Solicitors Camille Seymour, Amy Ling and Bella Kidman.
Commenting on the transaction, David Friedlander said:
“This deal shows data centres are no longer a niche asset class - they’ve become core infrastructure. The scale of capital being deployed reflects how quickly AI-driven demand is reshaping the market, the pool of investor interest and how these projects are funded.”
Andrew Maynes added:
“Running a fully underwritten accelerated entitlement offer in parallel with a A$1.7 billion long-dated hybrid was a complex structuring exercise on a compressed timetable. The dual-track approach reflects what today’s infrastructure-scale capital programs require, precision execution across equity and debt capital markets simultaneously.”
The Mallesons team worked alongside Cadence Advisory as independent financial adviser, with Barrenjoey also advising on the hybrid component.
This deal builds on Mallesons’ recent advice to NEXTDC on its initial A$1 billion hybrid securities offer, supporting the continued expansion of its data centre platform.
