Summary

  • The lenders describe an additional RM15bn financing package; DayOne’s prospectus gives the revised limits as US$4.1bn offshore and MYR13bn Murabahah facilities, each with a five-year tenor.
  • Four Malaysian borrower subsidiaries cross-guarantee one another. Certain borrower assets and shares secure the facilities, while the parent undertakes to fund project completion and related development-cost overruns.
  • At 30 June, DayOne had drawn US$1.4812bn and MYR6.5bn under the Johor facilities. Those figures predate the September amendment, and the amount drawn since then is not disclosed.

The headline is a lending limit, not a cash receipt

A seven-bank group—CIMB, Crédit Agricole CIB, DBS, Maybank, OCBC, Standard Chartered and UOB—announced a US$2.4bn offshore term facility and RM5.5bn Murabahah facility for DayOne’s next Johor development phase. The lenders call the increase RM15bn and say it lifts the platform, including the RM15bn arranged in 2025, to RM30bn. That is a description of financing capacity. It does not establish that RM15bn has entered DayOne’s bank accounts, been spent or become debt outstanding.

The borrower’s October prospectus supplies the agreement-level bridge. The original Johor package comprised a US$1.7bn offshore term loan and MYR7.5bn Murabahah facility. After amendment on 10 September, the limits stood at US$4.1bn and MYR13bn, respectively. The accordion feature was raised separately to a maximum MYR3.5bn. The lender release’s RM30bn platform figure should not be silently increased by that optional maximum, and none of these ceilings is a drawn-balance figure.

The latest disclosed draw amounts are dated 30 June: US$1.4812bn on the offshore facility and MYR6.5bn on Murabahah. They describe usage before the September upsizing. The public documents reviewed do not say how much was drawn after amendment or how much remains available today. DayOne reported US$4.426bn of total company borrowings at June-end, but that is a company-wide balance, not the amount borrowed under the revised Johor limits.

Four borrowers, one connected credit structure

The named borrowers are WG Data Hub and DayOne Data Centers Malaysia I, II and III. Under the common terms, each borrower guarantees the obligations of the others. Certain assets and shares in the borrowers secure the package. The parent has also undertaken to supply the equity required to finish financed projects and to cover related development-cost overruns. The security ranks pari passu with certain other Malaysian bank-guarantee facilities, alongside financial covenants covering tangible net worth and specified coverage, leverage and security-margin ratios.

These provisions give lenders recourse across more than one project company. They do not disclose which asset secures which tranche, each borrower’s allocation, current covenant headroom or a lender’s enforcement path. It would therefore be too strong to call the financing either fully ring-fenced project debt or an unlimited guarantee of every DayOne obligation. The filing describes a defined set of cross-guarantees, collateral and parent undertakings.

Johor is both the use of funds and the concentration

The facility announcement says the additional capital will support the next phase of Johor capacity. DayOne’s September 20 operating table puts that market at the centre of the present platform: Nusajaya Tech Park and Kempas Tech Park together represented 82.1% of capacity in service and 61.3% of Bookings. Those are capacity shares, not revenue or collateral shares. The company reported 962MW in service and 1,328MW under construction globally; it does not disclose how much of the construction figure is financed by this amendment.

The prospectus says NTP and KTP are separate campuses with separate connectivity and grid power. Their common location still leaves them exposed to some of the same regulatory, community, political, weather and force-majeure events in Johor. The financing thus adds funding where DayOne already has substantial operating and contracted capacity. That can support a more efficient build in an established corridor; it does not diversify the campus map.

Two currencies, two floating-rate clocks

Each facility has a five-year tenor. The offshore dollar rate is compounded SOFR plus 2.20%, with the margin stepping down to 2.10% if the company’s IPO occurs. The MYR Murabahah rate is KLIBOR plus 2.40%, reducing to 2.25% on an IPO. Both combine a floating benchmark with a contractual spread: the IPO step-down does not fix the underlying benchmark or guarantee lower all-in cost.

The currency mix matters, but matching cannot be assumed. At June-end, 86% of DayOne’s company-wide Billings were USD-priced, 11% IDR-priced and 3% MYR-priced. Billings is the company’s measure of contracted IT capacity already generating income; it is not a cash-receipt table. The filing says DayOne used no derivatives to hedge foreign-exchange exposure as of June 30. Those figures are not a Johor-only hedge report, and they do not establish that the new facilities are naturally matched to customer cash flows.

A significant majority of customer agreements have initial terms of 10 to 15 years, generally with five-year renewal options. That is longer than the facility tenor, but the prospectus does not publish an amortisation schedule or project-level debt-service bridge. The meaningful test is whether construction turns into operating capacity and contracted receipts early enough to service the loan—not whether customer contracts alone guarantee repayment.

Sources