Overview

China Merchants Bank provides a $230 million USD loan to Princeton Digital Group for refinancing purposes

Commitments (Constant USD, 2023)$212,092,577

Commitment Year•2021Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 1, 2021

Geospatial footprint

Map overview

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The purpose of this project was for the China Merchants Bank to provide a $230 million USD loan to Princeton Digital Group for refinancing purposes. More detailed locational information can be found at: https://www.openstreetmap.org/way/393100853

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

China Merchants Bank Co., Ltd.

Receiving agencies

Private Sector

Princeton Digital Group (Singapore) SG1 Pte. Ltd. (PDG)

Loan desecription

China Merchants Bank provides a $230 million USD loan to Princeton Digital Group for refinancing purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

In April 2021, China Merchants Bank entered into a $230 million USD senior loan agreement with Princeton Digital Group (Singapore) SG1 Pte. Ltd. (PDG) — a Singapore-based data center developer and operator and a portfolio company of American private equity firm Warburg Pincus LLC and backed by Canada's Ontario Teachers’ Pension Plan — for refinancing purposes. This refinancing was expected to enable PDG's $1 billion USD expansion plan in China.

Staff comments

1. It is ambiguous whether this loan was refinancing assets in China or was merely refinancing Princeton Digital Group broadly, enabling it to redirect its cash to China. This issue merits further investigation.