Zhi Tong Cai Jing·2025-11-28 08:16Group 1 - Several banks are negotiating a new loan of up to $38 billion with Oracle and Vantage Data Centers to expand infrastructure for OpenAI, which has drawn market attention back to the ecosystem built by OpenAI and its partners like Oracle, Microsoft, and Amazon [1] - The loan is set to be the largest leveraged loan in the AI infrastructure sector, with plans to initiate syndicate debt financing on October 27, totaling $38 billion [1][2] - The financing will be led by JPMorgan and MUFG, with $23.25 billion allocated for a Texas data center project and $14.75 billion for a Wisconsin project [1] Group 2 - The two data centers, developed by Vantage and operated by Oracle, are part of the "Stargate" initiative, which aims to invest $500 billion in AI infrastructure over five years [2] - The loans have a four-year term with two one-year extension options, and the interest rate is set at the benchmark rate plus approximately 250 basis points [2] - Investors are showing strong demand for AI-related assets, prompting banks and private credit institutions to pursue large financing projects [2] Group 3 - Meta has selected PIMCO and Blue Owl as lead managers for a $29 billion debt-equity hybrid financing for its Louisiana data center, with bonds performing strongly in the secondary market [3] - The bond performance resulted in a $2 billion paper gain for PIMCO, highlighting the robust interest in financing related to AI infrastructure [3]