Vantage Data Centers, a leading global provider of hyperscale data center campuses, today announced it has successfully issued its inaugural bonds in the Asia-Pacific region through its wholly-owned subsidiary, PowerDC Holdco Pte. Ltd. (“PowerDC”). The offerings include a five-year SGD 100 million bond and a three-year HKD 300 million bond, equivalent to approximately US$114 million combined. The bonds are listed on the Singapore Exchange (SGX) and guaranteed by Credit Guarantee & Investment Facility (CGIF), a trust fund of the Asian Development Bank.
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The gong-strike ceremony at SGX marked the inaugural bond listing, attended by key representatives: Haresh Sheth, Head of Capital Markets and Advisory, APAC, ING (first from the left), Grace Tan, Head of APAC Capital Markets, Vantage Data Centers (second from the left), Koh Jin Hoe, Head of Capital Markets, SGX (third from the left), Joel Cheah, CFO of APAC, Vantage Data Centers (fourth from the left), and Anuj Awasthi, Vice President, Operations, CGIF (fifth from the left). (Photo: Business Wire)
ING, serving as the sole global coordinator and joint lead manager alongside other financial institutions, facilitated the bond issuance in Singapore and Hong Kong. The proceeds from the bonds will be used to refinance PowerDC’s outstanding debt. This strategic debut transaction aligns with Vantage’s commitment to pursuing innovative funding solutions, diversifying funding sources and effectively managing risks and returns.
The bonds are rated AA by Standard & Poor’s Global Ratings and are issued under the ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF). The SGD and HKD issuances represent Asia’s first investment-grade local currency-denominated bond in the data center sector with the SGD tranche achieving an oversubscription rate of 3.7x at the time of pricing.
“The bond issuances represent a first-of-its-kind on many fronts. This is only made possible due to the team’s relentless pursuit of innovative and trailblazing financing strategies, which enables Vantage to diversify its funding sources and extend our APAC investor base to debt capital investors,” said Joel Cheah, chief financial officer, APAC for Vantage Data Centers. “We are delighted with the strong investor interest shown in our APAC business; the oversubscription and success of this bond issuance is a clear endorsement of our financial standing, credit worthiness and business strategy.”
A gong-strike ceremony was held at the SGX today to mark the inaugural bond listing with the presence of representatives from Vantage Data Centers and officiating guests, including:
- Joel Cheah, CFO of APAC, Vantage Data Centers
- Grace Tan, Head of APAC Capital Markets, Vantage Data Centers
- Koh Jin Hoe, Head of Capital Markets, SGX
- Anuj Awasthi, Vice President, Operations, CGIF
- Haresh Sheth, Head of Capital Markets and Advisory, APAC, ING
Kelvin Chong, head of global capital markets for ING in Asia Pacific, added, “We are pleased to celebrate Vantage’s listing of its inaugural SGD and HKD bonds and to play a key role in their efforts to diversify funding sources through ING’s innovative and integrated-product solutions. These bonds mark several milestones in the ASEAN bond market, including being the first rated data center bond in ASEAN, the first rated local currency data center bond and the first HKD bond guaranteed by CGIF. We thank Vantage and CGIF for their close collaboration throughout this transaction.”
“We are thrilled to support PowerDC’s bond issuances, marking key milestones not only for ASEAN+3, but also for the Asian bond market—it is ASEAN’s first rated data center bond and Asia’s first rated local-currency bond issued by a data center operator. This transaction demonstrates that credit-enhanced local-currency bonds are a viable financing channel for data centers. We hope that this landmark transaction will catalyze future bond issuances in the ASEAN+3 digital infrastructure space,” said Hongwei Wang, chief executive officer of CGIF.
For more information about Vantage’s growing APAC platform, please visit https://vantage-dc.com/data-center-locations/apac/.
Nothing in this press release constitutes an offer to sell or the solicitation of an offer to buy the bonds in any jurisdiction, and there shall not be any sale of the bonds in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
About Vantage Data Centers
Vantage Data Centers powers, cools, protects and connects the technology of the world’s well-known hyperscalers, cloud providers and large enterprises. Developing and operating across five continents in North America, EMEA and Asia Pacific, Vantage has evolved data center design in innovative ways to deliver dramatic gains in reliability, efficiency and sustainability in flexible environments that can scale as quickly as the market demands.
For more information, visit http://www.vantage-dc.com.
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