Blackstone (BX) is assembling banks to underwrite a 4.3 billion Australian dollar ($3 billion) loan to finance construction of an AirTrunk data center in Australia, Bloomberg News reported Wednesday, citing people familiar with the matter.

The five-year financing will fund AirTrunk's SYD3 hyperscale data center. Additional lenders are expected to join an initial syndicate that includes Credit Agricole, DBS Group Holdings, Deutsche Bank, HSBC Holdings, ING Bank, Mitsubishi UFJ Financial Group, Morgan Stanley and United Overseas Bank, the report said.

The fundraising comes as lenders in the Asia-Pacific region are nearing internal exposure limits after committing billions of dollars to artificial intelligence infrastructure projects, contributing to higher borrowing costs for data center operators, according to Bloomberg.

Blackstone and AirTrunk did not immediately respond to MT Newswires' request for comment.

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