Herbert Smith Freehills Kramer advises Zankore on US$3.1 billion financing for AI infrastructure

Leading global law firm Herbert Smith Freehills Kramer has advised Zankore on a US$3.1 billion senior term loan facility, one of Asia’s largest AI infrastructure financings.

The financing follows the launch of Zankore in August, with Ooredoo Group, Indosat Ooredoo Hutchison, NVIDIA and Nokia partnering to scale 1GW of NVIDIA DSX AI Factory capacity, with around 200MW of capacity due in the first half of 2027.

“The scale and success of this financing reflects the current appetite for access to AI infrastructure in Southeast Asia, and sets a new benchmark for AI infrastructure financing in the region,” said finance partner Salonika Rathod, who co-led the team advising Zankore.

“The consortium of financial institutions that supported this transaction also demonstrates that capital is ready to commit to next-generation AI and GPU cloud infrastructure in this region.”

The debt financing supports the acquisition and deployment of advanced NVIDIA GPU infrastructure and is the first syndicated deal of this scale in Asia Pacific.

Citi acted as the exclusive debt adviser on the US$3.1 billion senior term loan facility, while Citi, ING, Natixis CIB, Qatar National Bank Group and United Overseas Bank acted as senior mandated lead arrangers, underwriters and bookrunners  for the senior term loan facility.

“Any transaction on this scale is only made possible through intense collaboration between all parties,” said finance partner Ben Thompson.

“The achievement of this landmark financing is a huge milestone for the region and will only strengthen capital interest in Asian AI infrastructure projects from here. We are delighted to have been involved.”

Salonika and Ben led the team advising Zankore on the transaction.

In Singapore they were assisted by senior associate Mark Khouri and associate Yu Xuan Ho and trainee Nigel Chin; and in Jakarta by partner Adrianus Adritomo, senior associates Hanny and Yurico Mandali, and associate Laurentius Adi Prastowo.

In London, partner Nick May, counsel Nicholas Rutter and associate Greg Chan advised on hedging matters, while in New York, senior associate Christopher Boyd advised on US export controls.