Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On April 15, 2020, the Company entered into a credit agreement which provides for senior unsecured 364-day term loan facilities in an aggregate principal amount of $750.0 million, comprised of $500.0 million available to be borrowed on the closing date (the "Closing Date Facility") and $250.0 million available to be borrowed on or prior to July 14, 2020 (the "Delayed Draw Facility"). On April 15, 2020, Equinix borrowed $391.0 million, as well as €100.0 million or $109.8 million at the exchange rate in effect on that date, under the Closing Date Facility. Borrowings under these term loan facilities must be repaid in full on or prior to April 14, 2021.

On April 18, 2020, the Company entered into an agreement to form a second joint venture in the form of a limited liability partnership with GIC to develop and operate xScale data centers in Asia-Pacific (the “Asia-Pacific Joint Venture”). Upon closing, GIC will contribute cash in exchange for an 80% partnership interest in the Asia-Pacific Joint Venture. The Company will contribute three development sites in Japan to the Asia-Pacific Joint Venture in exchange for a 20% partnership interest in the Asia-Pacific Joint Venture and cash proceeds. The completion of the Asia-Pacific Joint Venture is subject to closing conditions.

On May 6, 2020, the Company repaid a total of $250.0 million under the Revolving Facility, which was outstanding as of March 31, 2020. As a result, the amount available to the Company to borrow under the Revolving Facility was approximately $1.9 billion after the repayment.

On May 6, 2020, the Company declared a quarterly cash dividend of $2.66 per share, which is payable on June 17, 2020 to the Company's common stockholders of record as of the close of business on May 20, 2020.