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(Bloomberg) — Southeast Asia telecom tower operator EdgePoint Infrastructure has secured a $475 million syndicated loan from a mix of institutional investors and traditional banks, according to people familiar with the matter.
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Allianz Global Investors, NEC Capital and Affin Bank were among the lenders that joined the syndicated facility, which closed last month, the people said, who asked not to be identified discussing private matters. The financing was initially marketed as a private credit deal before being underwritten by a consortium of banks at a later stage due to tight pricing.
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Despite pricing concerns, some non-bank lenders opted to participate in the end to diversify their portfolios, the people said.
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Representatives for EdgePoint and AllianzGI declined to comment, while Affin Bank and NEC Capital didn’t immediately respond to requests for comment.
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The deal underscores how private credit funds and traditional lenders are increasingly operating side-by-side in financing deals in Asia Pacific — a region flush with bank liquidity. At the end of last year, Indonesian energy and chemicals firm PT Chandra Asri Pacific Tbk secured loans from both financial institutions and private debt players to fund its purchase of Esso-branded service stations in Singapore from Exxon Mobil Corp.
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Private credit firms often face pricing pressures from banks, which typically offer loans 200 to 400 basis points cheaper, according to an industry report. Even so, the region’s private credit market is projected to grow to $92 billion in 2027 from $59 billion in 2024.
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EdgePoint, a portfolio company of US-based infrastructure firm DigitalBridge Group Inc., has a presence in Malaysia, Indonesia and the Philippines, according to its website. It’s also backed by sovereign wealth fund Abu Dhabi Investment Authority and International Finance Corp.
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