<div id="readability-page-1"><div><p>[KUALA LUMPUR] Blackstone-owned data centre firm AirTrunk is marketing a US$2.3 billion loan to fund a Malaysia project, according to people familiar with the matter, part of a slew of tech-linked financings in South-east Asia spurred by the artificial intelligence boom.</p><p>Proceeds will support the firm’s 200-megawatt AirTrunk JHB2 facility located in the southern state of Johor, said the people, who asked not to be identified discussing private matters.</p><p>About a dozen lenders – including DBS, Credit Agricole, ING Bank and UOB – are arranging the three-year loan, which is being syndicated to the broader market, the people said.</p><p>Blackstone and AirTrunk declined to comment.</p><p>Surging demand for AI capabilities has spurred data centre operators to take on more debt to expand. Moody’s Ratings expects at least US$3 trillion to flow into the sector over the next five years, with much of it financed through debt. Some investors, however have raised concerns about whether such investments will deliver sustainable returns.</p><p>Recent deals underscore the trend. Digital Edge and power producer B Grimm Power this month announced an US$880 million facility, the largest-ever financing for a data centre project in Thailand. Bain Capital-owned Bridge Data Centres has also been in talks with lenders for a potential loan of up to US$6 billion for expansion in the country.</p><div><div><div><p>SEE ALSO</p><div><div><div><div><p><img height="427" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/3f1c5a8b3cf7286a84a44fd8d4de5ba65a68eb707928c7f10d2b4a1cd460de5a/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="640" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/3f1c5a8b3cf7286a84a44fd8d4de5ba65a68eb707928c7f10d2b4a1cd460de5a/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>Australia’s AirTrunk to invest US$3 billion in two new Malaysian data centres</span></h3><p></p></div></div><div><div><div><p><img height="1334" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/1658af7b7992a7a711fff12933f27afafc168acb17174ac88608c09730b6854f/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2000" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/1658af7b7992a7a711fff12933f27afafc168acb17174ac88608c09730b6854f/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>Blackstone’s AirTrunk plans its first data centre-backed bond</span></h3><p></p></div></div><div><div><div><p><img height="1080" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5c478182a9c825756ad74cfd5b82e737d9319f52a3f572f1029c1a485e1790e5/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1920" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5c478182a9c825756ad74cfd5b82e737d9319f52a3f572f1029c1a485e1790e5/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>AirTrunk hires banks for Singapore IPO that could raise over US$1 billion: sources</span></h3><p></p></div></div></div></div></div><div><h3>Navigate Asia in<br/>a new global order</h3><p>Get the insights delivered to your inbox.</p></div></div><p>In Malaysia, Singapore-based DayOne Data Centers has been seeking to double the size of an existing loan to as much as US$7 billion for its expansion plans.</p><p>AirTrunk’s loan – which carries two one-year extension options – pays an interest margin of 225 basis points above the Secured Overnight Financing Rate for offshore financing and 235 basis points for onshore, the people said. The Sydney-headquartered firm is also looking to raise at least A$500 million (S$461.3 million) through asset-backed bonds for its data centre expansion, among the first for the region. BLOOMBERG</p><div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. <span>Sign up here to get Decoding Asia newsletter.</span> Delivered to your inbox. Free.</p></div></div></div>

<p>Blackstone-owned AirTrunk is seeking a US$2.3 billion loan to finance its 200-megawatt data center project in Johor, Malaysia. The loan, arranged by lenders including DBS and UOB, is part of a trend in Southeast Asia driven by the AI boom, with Moody's predicting US$3 trillion in sector investments over five years. The loan features two one-year extension options and an interest margin of 225 basis points above the Secured Overnight Financing Rate for offshore financing. AirTrunk is also exploring asset-backed bonds for further expansion.</p>

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DBS, UOB among lenders arranging US$2 billion AirTrunk’s loan for Malaysia growth