At a glance
- The auction covers a dozen loans and runs as a bids-wanted-in-competition process, with a $10 million minimum on each bid.
- For allocators holding data center debt through private credit or infrastructure funds, the sale offers a concrete price reference: a dozen loans bid competitively in a single process.
- The Stargate site is being built by Stack and BorderPlex Digital Assets.
ING is auctioning roughly $500 million of data center loans in a single sale, including $25 million tied to a Stargate project in New Mexico, Data Center Dynamics reported, citing Bloomberg.
The auction covers a dozen loans and runs as a bids-wanted-in-competition process, with a $10 million minimum on each bid. Debt connected to Vantage Data Centers and CyrusOne is also in the sale.
For allocators holding data center debt through private credit or infrastructure funds, the sale offers a concrete price reference: a dozen loans bid competitively in a single process. Where the bids land would inform marks on similar paper and the spread a lender can demand on the next project financing. Data Center Dynamics reported this is the first auction of its kind at that scale to contain only data center debt.
The Stargate site is being built by Stack and BorderPlex Digital Assets. Its first phase was topped out in October after the project struggled to secure gas power connections, Data Center Dynamics reported.
Data center and AI stocks have fallen on debt concerns, with investors questioning leverage in the sector, particularly among neoclouds, according to Data Center Dynamics. ING's $500 million is small against the capital being lined up for the buildout: hyperscalers have lined up $131 billion, as Private Wealth Daily previously reported. Bids are due Nov. 19.
Reported by the Fundraising desk from Data Center Dynamics, Bloomberg and Private Wealth Daily archive. Published . Corrections