PDG reportedly seeks up to $1.2 billion for Johor data center

Princeton Digital Group is seeking a three-year syndicated loan of up to $1.2 billion for its Malaysia data-center buildout, according to a report citing a person familiar with the matter. The financing remains a proposal: no company or bank statement reviewed for this article confirms that it has been signed, funded or closed.

The report said Princeton Digital Group Labuan Alpha would use the proceeds for a 198.8-megawatt data-center campus in Johor and to refinance existing debt. If completed, the facility would add to the debt backing PDG’s Asian capacity. The report did not say how much would go to construction or refinancing.

HSBC’s Singapore branch, Maybank Investment Bank, OCBC Bank (Malaysia), Standard Chartered Bank (Singapore) and United Overseas Bank were named as mandated lead arrangers and bookrunners. The same unidentified source supplied those roles and the proposed terms, neither of which the banks confirmed in the reviewed materials. Standard Chartered declined to comment, while PDG and the other named banks did not immediately respond to requests for comment, according to the report.

The proposed facility is part of a broader borrowing campaign. In March, PDG said it planned to raise as much as $5 billion of debt in 2026 to finance contracted data-center capacity across Asia. The company also said it had closed a $350 million financing that increased a May 2025 holding-company loan to $750 million.

PDG separately announced about $856 million of financing for its 120-megawatt JC3 campus in Greater Jakarta in May. That package comprised a fully underwritten $456 million syndicated facility and an approximately $400 million accordion facility that was still in progress at the time.

In Johor, PDG said in July 2024 that it had delivered the 52-megawatt first phase of its AI-ready JH1 campus after securing a 1.276 billion ringgit green loan, then worth about $280 million, for the project in May 2024. PDG’s current facilities page lists JH1 at 200 megawatts and a planned JH2 campus at 300 megawatts, but does not identify either one as the 198.8-megawatt project described in the loan report.