Princeton Digital Group (PDG) is securing a $400m loan set to include contributions from private credit firms Allianz GI and Keppel.
As reported by Bloomberg, they will be joined by Ontario Municipal Employees’ Retirement System, Sumitomo Mitsui Banking Corp., and Standard Chartered. The bookrunners will be Barclays, BNP Paribas, and Deutsche Bank.
The debt will be used to fund capital expenditure and refinance existing debt.
PDG secured $1bn in financing in May in order to fuel its expansion across Asia.
The financing was comprised of $800 million in project financing for the development and expansion of PDG’s data center campuses in Mumbai, India; Langfang, China; and Tokyo, Japan; as well as a $400m Holdco loan secured from a consortium of global banks, including Barclays, BNP Paribas, and Deutsche Bank.
Keppel, based in Singapore, owns and operates data centers across Europe and Asia through its Keppel DC Reit and Keppel Data Centres unit. Its data center portfolio currently totals 35 facilities across Europe and Asia Pacific, with 650MW of power capacity. It closed its third data center fund in April, raising approximately S$786 million (US$580m).
PDG was established with the help of private equity firm Warburg Pincus in 2017. It focuses on APAC, operating data centers in China, Singapore, India, Indonesia, Malaysia, and Japan. Mubadala is also an investor.
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