Blackstone Seeks to Amend and Extend Interplex Loan to $997 Million

Blackstone is in talks with banks to amend and extend its $957 million loan backing its acquisition of Interplex Holdings Pte. The private equity firm seeks to extend the loan for five more years and increase the size to $997 million. Talks are ongoing, and the deal could change. This move comes as many private equity funds struggle to exit corporate buyouts while taking advantage of strong demand from banks in Asia to refinance earlier acquisitions.

Private equity giant Blackstone Inc. is in discussions with banks to amend and extend its $957 million loan backing its acquisition of Interplex Holdings Pte. The firm aims to extend the loan for an additional five years and increase its size to $997 million. Talks are ongoing, and the deal could undergo changes. This move comes amidst many private equity funds facing challenges in exiting corporate buyouts while leveraging strong demand from Asian banks to refinance earlier acquisitions.

The acquisition of Interplex Holdings Pte. was one of Blackstone’s largest investments in Asia Pacific, valued at A$24 billion. The firm has since been exploring various financing options to fund its growth, including private placements, mergers and acquisitions, and asset-backed bonds. In 2024, Blackstone and Canada Pension Plan Investment Board acquired AirTrunk from Macquarie Group Ltd and PSP Investments, further expanding their presence in the digital infrastructure sector.

The private capital market is shifting away from a liquidity drought to a more selective thaw, as indicated by the rise in secondary transactions and continuation vehicles (CVs). This trend reflects a renewed focus on actual cash returned, known as distribution-to-paid-in (DPI), over unrealized gains. As the market becomes more selective, private equity firms are increasingly using CVs to provide liquidity and improve near-term DPI while managing longer-than-expected hold periods.

Blackstone’s move to extend and increase its loan for Interplex Holdings Pte. underscores the growing demand for financing in the data center sector, which has seen rapid growth due to the increasing demand for artificial intelligence and data consumption. The firm’s treasurer, Luke Stephens, has noted that the industry needs hundreds of billions of dollars in capital and is constantly seeking innovative financing solutions.

As the market continues to evolve, investors should remain vigilant and consider the implications of these trends. Private equity firms are likely to face increased scrutiny over their financing strategies, and investors should prioritize managers with repeatable exit strategies and strong relationships with strategic buyers and secondary market participants.

References:
[1] https://www.freemalaysiatoday.com/category/business/2025/08/26/airtrunk-mulls-bond-sales-after-refinancing-us10bil-of-loans
[2] https://www.aprio.com/5-private-capital-insights-from-q3-2025-and-what-they-mean-to-you-ins-article-wm/