Princeton Digital seeks US$1.2b loan for Johor data centre campus
Singapore-based Princeton Digital Group is seeking a US$1.2 billion syndicated loan to fund a 198.8MW data centre campus in Johor and refinance existing debt. The three-year loan would be taken by subsidiary Princeton Digital Group Labuan Alpha Ltd, with HSBC, Maybank, OCBC, Standard Chartered and U
PETALING JAYA (Oct 14): Singapore-based Princeton Digital Group Ltd (PDG) is seeking a syndicated loan of up to US$1.2 billion (about RM4.9 billion) to fund a 198.8-megawatt data centre campus in Johor and refinance existing debt, Bloomberg reported.
The proposed three-year loan would be taken by subsidiary Princeton Digital Group Labuan Alpha Ltd, the report said, citing a person familiar with the matter. HSBC Holdings plc’s Singapore branch, Maybank Investment Bank Bhd, OCBC Bank (Malaysia) Bhd, Standard Chartered Bank (Singapore) Ltd and United Overseas Bank Ltd are the mandated lead arrangers and bookrunners for the proposed loan, according to Bloomberg.
Standard Chartered declined to comment, while representatives of PDG and the other banks did not immediately respond to Bloomberg’s requests for comment.
The borrowing plan comes amid PDG’s regional expansion. In March, the company announced plans to raise up to US$5 billion in debt financing this year to fund contracted capacity across Asia. PDG also said in March that it had completed additional debt financing of US$350 million, expanding its holding-company loan facility to US$750 million. The expanded facility was converted into a sustainability-linked loan, with pricing tied to operational and sustainability targets.
PDG’s existing Johor presence includes its JH1 campus in Sedenak Tech Park. In July 2024, the company announced the delivery of the campus’ 52MW first phase and described the overall development at the time as a 150MW campus. In the same announcement, PDG said it had secured a RM1.276 billion green loan for JH1 in May 2024. The company said the campus supported its strategy of offering customers capacity across Singapore, Batam and Johor.
Elsewhere in the region, PDG announced a financing package in May this year for its 120MW JC3 campus in Greater Jakarta. The company said it comprised a fully underwritten syndicated facility of US$456 million and an additional facility of about US$400 million that was still in progress at the time. In that announcement, the company put its regional portfolio at more than 1.8 gigawatts across seven Asian markets.
