On December 4, 2025, Phoenix Infrastructure LLC (doing business as "Centersquare") successfully issued US$1.1 billion in securitized notes. The notes are rated A- and BBB- by S&P Global Ratings.

With 80 advanced data centers across North America and select EMEA markets, Centersquare is a leading North American colocation provider that delivers enterprise-grade infrastructure for cloud providers, hyperscalers and large organizations.

Miller Thomson acted as Canadian counsel to Centersquare with a team led by Y. Ken Chun and Jay Sernoskie (Corporate) and comprised of Bruno Caron, Mack Hosseinian, Madison Derraugh, Andrea Chiu and Jennifer Jeong (Securities).