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Spots are limited, so act fast. Let's join together for a sustainable appointment! [Click to register] JPMorgan and Goldman Sachs Group raised the yield and improved the terms on a $5 billion leveraged loan for Volta Infrastructure Holdings Ltd. Investors are currently demanding higher returns before they are willing to buy this high-risk debt tied to the artificial intelligence boom.
People familiar with the matter said the two banks began marketing the financing last week for Volta, an AI cloud startup, and completed the sale on Thursday. The loan carries a yield of 6.5 percentage points above the benchmark rate and was issued at a discount of 95 cents on the dollar. That pricing pushed the yield above the banks' earlier estimate of 11%, approaching the highest interest rate level currently seen in AI infrastructure financing.
A source who requested anonymity because they were not authorized to speak publicly said the deal also added more investor protection clauses and adjusted the transaction structure: if the borrower repays the debt early, a penalty must be paid. A JPMorgan spokesperson declined to comment, while Goldman Sachs and Volta did not respond to requests for comment.
Volta is part of a group of AI companies known as "neoclouds," which mainly rent out the right to use chips and other AI infrastructure. The proceeds from this financing will be used to build a data center campus in Norway, operated jointly by Volta Infrastructure and bitcoin miner and data center operator Bitdeer Technologies Group.
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