(Bloomberg) — Princeton Digital Group, a Singapore-based information middle operator, is looking for a $400 million private-credit mortgage, as buyers chase alternatives fueled by the growth in synthetic intelligence.
The proceeds could be used to fund capital expenditure and refinance current debt, in line with folks aware of the matter, who requested to not be recognized as a result of the matter is non-public. The mortgage will carry a four-year tenor, the folks mentioned.
Princeton Digital didn’t reply to requests for remark.
Information middle corporations are more and more tapping funding sources past banks as conventional lenders face challenges in maintaining with the speedy tempo of demand for information storage and processing. The market within the Asia-Pacific area has been heating up as non-public fairness buyers together with Blackstone and KKR & Firm have been investing within the information middle sector.
Blackstone CEO Steve Schwarzman mentioned earlier this 12 months that the non-public fairness large is keen to plow more cash into its investments associated to AI, following its multibillion-dollar acquisition of AirTrunk Pte., an Australia-based information middle operator in 2024.
Established in 2017, Princeton Digital operates greater than 20 information facilities throughout Asia, together with in China, India and Japan, in line with its web site. Warburg Pincus invested in and helped arrange the corporate, together with Princeton Digital’s founder Rangu Salgame.
