The Montreal-based company said it issued $750 million worth of bonds backed by revenue from existing data centres and secured credit of up to $600 million from Scotiabank and National Bank. (The Logic)

Talking point: Fengate-backed eStruxture told The Globe and Mail that it plans to use the bank credit to build new data centres and then issue more bonds at lower interest rates to pay off those initial loans. Founder and CEO Todd Coleman said creating this financing system is “a key step in establishing a sovereign AI ecosystem in Canada.” Morningstar DBRS rated the bonds BBB, slightly above the middle of its range, noting that the 30-year debt depends on revenue from contracts with data centre customers that tend to last five years. But it said eStruxture’s mix of clients at its Montreal, Toronto and Calgary data centres included in the bonds, including hyperscalers, gives decent reassurance that the revenue will be there to cover the debt.