Vantage Data Centers has issued its first-ever bonds in the Asia-Pacific region, securing approximately USD $114 million through its subsidiary, PowerDC Holdco Pte. Ltd. The offering includes a five-year SGD 100 million bond and a three-year HKD 300 million bond, both listed on the Singapore Exchange (SGX). Credit Guarantee & Investment Facility (CGIF), a trust fund of the Asian Development Bank, guarantees the bonds, marking a significant milestone in APAC’s investment-grade bond market for the data center sector.
ING served as the global coordinator and joint lead manager, facilitating the bond issuance in Singapore and Hong Kong. The funds will refinance PowerDC’s outstanding debt and support Vantage’s strategy to diversify funding sources and extend its reach into the APAC debt capital markets. The bonds are rated AA by Standard & Poor’s Global Ratings and issued under the ASEAN+3 Multi-Currency Bond Issuance Framework. The SGD tranche achieved an oversubscription rate of 3.7x during pricing, underlining strong investor confidence.
“This is a first-of-its-kind transaction on many fronts,” said Joel Cheah, CFO for APAC at Vantage Data Centers. “The oversubscription and success of this bond issuance is a clear endorsement of our financial standing, creditworthiness, and business strategy.”
• Bond details: 5-year SGD 100 million and 3-year HKD 300 million.
• Combined value: Approximately USD $114 million.
• Listing venue: Singapore Exchange (SGX).
• Guarantee: Credit Guarantee & Investment Facility (CGIF), a trust fund of the Asian Development Bank.
• Bond rating: AA by Standard & Poor’s Global Ratings.
• Framework: ASEAN+3 Multi-Currency Bond Issuance Framework.
• Oversubscription: SGD tranche oversubscribed 3.7x.
“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, CFO, APAC, Vantage Data Centers.
