Indonesia's MGLV lands $600M loan from BNI for AI data centres
What's the deal? PT NexAI Digital Infrastruktur Tbk (MGLV)Dealroom has a profile for this one. Try Dealroom → has signed agreements for US$700.2M in loan facilities from state-owned lender PT Bank Negara IndonesiaDealroom has a profile for this one. Try Dealroom → (BNI). The debt runs through two MGLV subsidiaries, data centre operators PT Nextier Askara Center (NAC) and PT Nextier GenAi Center (NGC).
The breakdown: NAC gets US$268.4M over a six-year term that can be extended twice, while NGC gets US$431.9M over seven years, extendable once. BNI set an interest rate of compounded 90-day IndONIA plus 1.9%, secured by assets, pledged shares, and a corporate guarantee from MGLV.
What's the endgame? NAC will fund the acquisition of a facility in the Jababeka Industrial Estate in Cikarang, Bekasi, and add 36MW of capacity to its JababekaDC site, bringing it to 42MW. NGC will build BatangDC, a 60MW site in the Batang Integrated Industrial Estate.
Why now? The loan fits MGLV's plan to fund its new data centre business with 70% bank debt and 30% internal money from an US$156.3M rights issue. The company recently injected US$3.19M each into NAC and NGC — US$6.38M total — to cover licensing and administrative needs.
What could go wrong? The loan is equivalent to 94 times MGLV's total equity as of June 2026, which stood at just US$7.44M before the rights issue. The size qualifies it as a material transaction, though MGLV said it expects "no material impact" from the debt and guarantee.
Management said the moves aim to support "the development needs and scaling up of its subsidiaries into large-scale businesses in line with their business activities and development plans."
The signal: A state bank writing a $600 million cheque against a company whose equity is a fraction of that sum shows how aggressively Indonesia is bankrolling AI-ready infrastructure. The bet is that megawatts of new capacity — 102MW across the two sites — will justify the leverage.
Read more: idnfinancials.com
Image credit: U.S. Army Combat Capabilities Development Command
