Milbank LLP acted as international legal counsel to PowerDC Holdco Pte Ltd (a subsidiary of Vantage Data Centers APAC Holdings Pte Ltd, a member of the Vantage Data Centers Group) on its debut bond issuances, raising S$100 million and HK$300 million through two separate offerings. Both tranches are unconditionally and irrevocably guaranteed by Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank. The Milbank team was led by partner Giles Kennedy with support from associate Andre Seah.
The S$100 million 3.625% bonds due 2029 and the HK$300 million 4.80% bonds due 2027 are among the few new money issuances in Southeast Asia by a debut issuer in 2024. The net proceeds of the bonds were used to partially refinance certain term and revolving credit facilities. Milbank also acted as international legal counsel to PowerDC as borrower on those credit facilities.
