Hillhouse seeks $600 million loan to expand DayOne data center bet
What's new: The financing would help fund DayOne's AI-driven expansion and refinance part of Hillhouse's earlier debt.
Hillhouse Investment is in talks with banks for a roughly $600 million, three-year loan to support its investment in DayOne Data Centers, as the Singapore-based operator pushes a rapid global expansion. The borrowing could be priced at about 500 basis points over the Secured Overnight Financing Rate, and part of the proceeds would refinance debt tied to Hillhouse's previous DayOne investment. The talks follow a Series C round led by Hillhouse and Coatue Management that closed at $4.5 billion this month, lifting Hillhouse's stake to about 19%. DayOne is also seeking to expand lending for its Malaysian operations to as much as $7 billion and is weighing a US IPO at a valuation of up to $20 billion.