Linklaters advised ING as sole global coordinator and other managers on the inaugural issuances of bonds in the Asia Pacific region by Vantage Data Centers, through its wholly-owned subsidiary, PowerDC Holdco Pte. Ltd. (PowerDC). The offerings included a five-year S$100m bond and a three-year HK$300m bond, equivalent to approximately US$114m combined. The bonds are listed on the Singapore Exchange (SGX) and guaranteed by Credit Guarantee & Investment Facility (CGIF).
Rated AA by Standard & Poor’s Global Ratings, the bonds are issued under the ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF). The Singapore dollar and Hong Kong dollar issuances represent Asia’s first investment-grade local currency-denominated bonds in the data centre sector.
Vantage Data Centers supports the technology of leading hyperscalers, cloud providers, and large enterprises by powering, cooling, protecting, and connecting their systems. Developing and operating across five continents in North America, EMEA and Asia Pacific, Vantage has evolved data centre 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.
The bond issuances were part of a comprehensive financing exercise for Vantage Data Centers, and the transactions were led by capital markets partner and Singapore Managing Partner Jonathan Horan and banking partner, Fiona Gray, with support from capital markets counsel Phill Hall.
Linklaters has prominent experience advising on several significant transactions in the region and continues to have the largest market share of Asia bond issuances, measured by both deal count and transaction volume, representing both issuers and underwriters.
