AirTrunk, a data centre company owned by private equity firm Blackstone, is pursuing a $2.3 billion syndicated loan to finance its 200-megawatt JHB2 facility in Johor, Malaysia as of May 14, 2026 [1, 2, 3, 4, 5]. Approximately a dozen lenders led by DBS Group, Credit Agricole, ING Bank, and UOB are arranging the three-year loan, which carries two one-year extension options. The financing has an interest margin of 225 basis points above SOFR for offshore funds and 235 basis points for onshore [1, 2, 3, 4, 5].
In addition to the loan, AirTrunk aims to raise at least A$500 million (about $358 million) through asset-backed bonds. These bonds would support the company’s data centre expansion and are among the first issued in the Southeast Asian market [2, 3, 4].
The surge in demand for artificial intelligence and cloud computing has driven data centre operators in Southeast Asia to expand through debt financing. Moody’s Ratings forecasts $3 trillion will be invested in data centre infrastructure globally over the next five years, much of it debt-financed [2, 3, 4, 5].
Regional transactions highlight the trend, including an $880 million financing in Thailand by Digital Edge and B.Grimm Power, and Bridge Data Centres seeking up to $6 billion in loans for its projects. Locally, DayOne Data Centers in Malaysia is attempting to increase its existing loan to as much as $7 billion for growth efforts [2, 3, 4, 5].
Some investors have questioned whether data centre investments will generate sustainable returns, but Blackstone and AirTrunk declined to comment on the current loan marketing efforts [2, 3, 4, 5].
