Yahoo Finance Warburg-backed Princeton Digital to raise $1 billion in debt
By Elffie Chew and Manuel Baigorri
(Bloomberg) — Princeton Digital Group said it’s looking to raise $1 billion in debt across multiple projects as the Singapore-based data center operator seeks to expand its business.
“Given the business momentum and planned growth, the company constantly assesses its capital needs, including raising equity,” a representative for the company said in a statement.
Founded in 2017, Princeton Digital invests in, develops and operates data center infrastructure in China, Singapore, India, Indonesia, Malaysia and Japan, according to its website. The company operates 21 data centers in 15 cities. Warburg Pincus invested in and helped set up the company, along with Princeton Digital Chief Executive Officer Rangu Salgame and Chief Operating Officer Varoon Raghavan.
Last year, Princeton Digital raised more than $500 million in a funding round led by Abu Dhabi sovereign investor Mubadala Investment Co., which contributed $350 million, according to a statement. The data center operator’s existing shareholders Warburg Pincus and Ontario Teachers’ Pension Plan Board also participated. The proceeds were earmarked to strengthen the firm’s presence in Japan, India, Singapore and China and to accelerate its expansion into other parts of Asia.
The company in May agreed to buy land in Malaysia’s southern state of Johor to build a 150-megawatt hyperscale data center, which will be its first in the country. Princeton Digital plans to invest 2 billion ringgit ($421 million) and the first phase is expected to be ready by the second quarter of 2024.
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