King & Wood has advised Singapore-headquartered BDx Data Centres on a USD320 million syndicated loan aimed at developing data centre infrastructure across Indonesia.
The loan was secured from a consortium led by three Indonesian banks – Permata Bank, Bank Central Asia and KB Bank.
The firm, headed by consultant Scott Gardiner, and counsel Gallien Lefevre and Tian Xu, acted as international counsel on the financing and construction aspects of the project.
While the firm could not disclose any deal specifics, it “generally advise[s] on transaction structuring, overall documentation structure, and benchmarking against international market practice in the data centre market”, Lefevre told Asia Business Law Journal.
The firm also worked with the BDx in-house legal team, which was led by general counsel Amarjit Kaur, country general counsel Khairy Suya and legal manager Fuei Loo.
Commenting on an investment standpoint, Lefevre said Indonesia was highly attractive due to a combination of massive domestic growth in the digital sector, data localisation regulations requiring onshore storage and the spillover of demand from Singapore and other regional hubs.
The loan proceeds will support several key initiatives, including the further development of CGK3, BDx’s AI-focused data centre campus in Jakarta. Additionally, the financing will be used to refinance the company’s existing debt on more favourable terms and to fund investments that will increase the high-voltage grid capacity at the Jatiluhur (CGK4) and Suryacipta (CGK5) campuses to 1.2 gigavolt-amperes.
