AirTrunk, a data center operator owned by Blackstone Inc., is in discussions with banks about raising roughly S$2 billion (about $1.6 billion) to help finance a Singapore public listing, according to people familiar with the matter.
The planned fundraising is linked to an initial public offering of a real estate investment trust backed by assets associated with AirTrunk. While Bloomberg reports the borrowing talks at about S$2 billion and frames the loan as part of the IPO financing, Free Malaysia Today says the proceeds are raised by the REIT and would likely be used to acquire AirTrunk’s assets and refinance existing debt.
Both outlets tie the proposed loan to the Singapore IPO and indicate it will support the REIT structure backed by AirTrunk’s assets. They differ mainly on how the use of funds is described—either generally as IPO funding versus specifically for asset acquisition and debt refinancing.
