Milbank LLP acted as international legal counsel to PowerDC HoldCo Pte. Ltd. (a wholly owned subsidiary of Vantage Data Centers APAC) as borrower in connection with its senior secured term and revolving loan agreement and inaugural bond offering. Vantage Data Centers APAC is a leading provider of hyperscale data center campuses focused on growth in key Asia-Pacific markets. PowerDC Holdco Pte. Ltd. achieved financial close on September 30, 2024, in connection with its term and revolving facilities agreement entered into with, among others, ING Bank, N.V. Singapore Branch as agent and security agent. The transaction security provided in connection with the credit facilities was regulated by an intercreditor agreement that contemplated the issuance of PowerDC on its first-of-its-kind bond issuances. The bond issuances raised S$100 million and HK$300 million through two separate offerings, with the bonds being listed on the Singapore Exchange (SGX) and with both tranches unconditionally and irrevocably guaranteed by Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank. This landmark transaction is ASEAN’s first rated data center bond offering and Asia’s first rated local-currency bond issuance by a data center operator. “We are delighted to have supported Vantage Data Centers on this bank/bond financing,” said Milbank partner James Orme. “The deal is another example of Milbank’s leading digital infrastructure practice in Asia and globally.” “This transaction demonstrates that credit-enhanced local-currency bonds are a viable financing channel for data centers,” added Milbank partner Giles Kennedy. The Milbank team advising on the term loan and revolving credit facility was led by partners James Orme and David Zemans with support from special counsel Rosaline Yusman and associates Deirdre Swift and Fathi Assegaf. The Milbank team advising on the bond offerings was led by partners Giles Kennedy and Terry O’Donnell with support from associate Andre Seah.