BDx Data Centers, the carrier-neutral data center platform in Asia-Pacific, announced today that it has secured USD 155 million from DBS Bank and OCBC, marking its debut in the Singapore loan market. BDx said DBS and OCBC signed funding agreement on February 15 to act as the Mandated Lead Arrangers for this facility, following which the loan closed on February 20 for a five-year term with no amortization.
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Utilization of Funds
According to BDx, the majority of the financing will be used to acquire the freehold of OneTen Paya Lebar, the site of BDx's flagship SIN1 data center (9.6 MW power capacity). The remaining loan amount will be allocated for general corporate purposes and other regional plans. Furthermore, the financing allows BDx to optimize its capital structure and leverage its strong cash flows to reduce its cost of capital.
BDx highlighted that its marquee client portfolio and support from BDx shareholder I Squared Capital were key factors for securing the financing on very attractive terms.
"I am pleased to announce that we have secured a strategic bank loan from DBS and OCBC that will empower us to secure our long-term operations in Singapore and enhance our service offerings," said Mayank Srivastava, CEO of BDx. "This financial milestone is a testament to our robust fiscal management and the trust placed in us by financial institutions. We are committed to leveraging this opportunity to drive innovation, support our customers' growing needs, and contribute to the digital economy’s infrastructure."
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"We are thrilled to be a part of BDx's journey in helping to shape Asia's digital landscape, starting with their flagship SIN1 asset here in Singapore," said Amit Sinha, Managing Director and Group Head of Telecommunications, Media and Technology, Institutional Banking at DBS Bank. "We are excited to see how this strategic funding will propel BDx to new heights in the data center industry, both in Singapore and across APAC."
Elaine Lam, Head of Global Corporate Banking at OCBC, added, "One of our key strategic priorities is to capture opportunities from the growth of new economy sectors such as cloud software and data centre companies. Our participation in BDx's debut Singapore loan facility underscores our belief in BDx’s potential to grow the data center sector and help support Singapore’s digital economy."
