Maples Group Advises on Largest Global Sustainability-Linked Loan for Data Centre

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Maples and Calder, the Maples Group's law firm, is pleased to have advised AirTrunk on a sustainability-linked, multi-currency debt financing of AU$4.6 billion. This transaction represents the largest loan deal in the Australian market in 2023 and the largest sustainability-linked loan ("SLL") established for a data centre operator globally.

AirTrunk is a leading provider of hyper-scale data centres across the Asia-Pacific and Japan region. AirTrunk aims to utilise the funds to refinance the existing debt facilities of AirTrunk and provide financial support for the company's rapid expansion across the region.

A team of finance lawyers based in the firm's Hong Kong office acted as Cayman Islands counsel to AirTrunk and was led by Partner Lorraine Pao with assistance from Associate Irena Wu.  

Commenting on the transaction, Lorraine said: "We are delighted to support AirTrunk on this landmark transaction which now stands as the largest SLL established for a data centre operator globally. We recognise the importance of ESG in sustainable finance and through our comprehensive range of services, our legal teams continue to work on some of the largest and most innovative ESG deals to date."

King & Wood Mallesons acted as legal advisor to AirTrunk as to Australian law. Gilbert + Tobin acted for the mandated lead arrangers, underwriters, and bookrunners which include Crédit Agricole CIB, DBS, Deutsche Bank, ING, HSBC, Morgan Stanley and MUFG. HSBC, Crédit Agricole CIB and Deutsche Bank operated as joint sustainability structuring agents.