La Caisse deploys over a billion dollars into real-economy data and climate businesses
La Caisse is deploying more than A$1.0bn and $150m into two different sectors, using subordinated capital to back growth at Australian data centres and a Québec-headquartered HVAC manufacturer.
According to NEXTDC Limited, the company has launched a A$1.0bn wholesale offer of subordinated hybrid securities to support its growth strategy, with a binding A$1.0bn commitment from La Caisse, a global investment group based in Québec, Canada.
NEXTDC said the Hybrid Securities will provide flexible, long-term capital for growth funding requirements and strategic initiatives, including continued development of key data centre assets and future capacity expansions.
NEXTDC reported that the Hybrid Securities will have a non call period of five years and a maturity of 100 years.
The instruments are expected to be tax deductible and classified as debt for accounting purposes, and they will sit outside the company’s senior debt facilities.
According to NEXTDC, the structure is expected to provide a lower cash coupon during the first five years, small coupon step-ups until year 10 and the ability to defer coupons at the company’s election.
The company said the Hybrid Securities are deeply subordinated, ranking junior to all existing and future debt obligations of the group, including senior debt facilities and any Wholesale Notes, and senior only to ordinary shares and any other equity securities.
The Hybrid Securities have no equity conversion features.
Having received La Caisse’s commitment to apply for the full size of the Hybrid Securities Offer, NEXTDC stated that it is now offering the Hybrid Securities to a group of institutional investors.
The company expects the Hybrid Securities Offer to close on or about Thursday, 23 April 2026, with settlement and issuance to occur shortly thereafter.
NEXTDC said settlement is conditional only on matters within the company’s control or for which it has a high degree of confidence in achieving satisfaction on reasonable grounds, and that La Caisse’s allocation of Hybrid Securities may be less than its commitment.
Inclusive of the Hybrid Securities Offer, NEXTDC reported that it will have pro forma liquidity (cash and undrawn facilities) of approximately A$5.2bn as at 31 December 2025.
In addition, and consistent with its first half results commentary, NEXTDC stated that it intends to pursue a subordinated notes issue in the Australian wholesale debt market (Wholesale Notes) to further strengthen its long-term capital position and diversify its pool of funding, with any Wholesale Notes to rank senior to the Hybrid Securities.
Commenting on the transaction, NEXTDC chief executive and managing director Craig Scroggie said the Hybrid Securities Offer and La Caisse commitment “represent another step toward NEXTDC delivering on a material step-change in the scale of our business.”
He said the added capital positions the company to meet its contracted order book through FY29 and invest in new projects.
In Canada, La Caisse reported a $150m investment in Innovair Solutions, a manufacturer and distributor of heating, ventilation and air conditioning (HVAC) solutions.
According to La Caisse, the transaction will support the third-generation, family-owned company’s North American strategy for growth through acquisitions, while preserving its Québec roots and ownership.
La Caisse said the investment is part of a transformation at Innovair Solutions in recent years, including its strategic merger with Groupe Stelpro, a Québec-based manufacturer of heating solutions, completed two years ago.
Based on the complementarity of their expertise and distribution networks, La Caisse stated that this alliance has strengthened Innovair Solutions’ market position.
The Beaulieu family remains the controlling shareholder, and Fonds de solidarité FTQ has provided an additional $80m in financing, according to La Caisse.
Innovair Solutions reported that it now has a network of 600 distributors, a retail presence in major home renovation stores and a portfolio that includes electric heating, heat pumps, heating cables, ventilation and thermostats.
The company said its brands include Ouellet and Stelpro and that it has nearly 1,300 employees across 17 locations in Canada, the United States, Mexico and China.
