Princeton Digital to raise US$1bil in debt

“Given the business momentum and planned growth, the company constantly assesses its capital needs, including raising equity,” a company representative said. —Bloomberg

Singapore: Princeton Digital Group says it’s looking to raise US$1bil in debt across multiple projects as the Singapore-based data centre 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 centre infrastructure in China, Singapore, India, Indonesia, Malaysia and Japan, according to its website.

The company operates 21 data centres 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 US$500mil in a funding round led by Abu Dhabi sovereign investor Mubadala Investment Co, which contributed US$350mil, according to a statement.

The data centre operator’s existing shareholders Warburg Pincus and Ontario Teachers’ Pension Plan Board also participated. — Bloomberg