Volta Seeks USD 5 Billion for Norway Data Center as AI Lenders Push Back
Volta, an AI infrastructure company, recently sought to raise USD 5 billion in debt for a data center in Norway, according to Semafor Net Zero. The effort comes amid more than USD 450 billion in AI-related debt deals completed so far this year.
Some investors pushed back as the deal was marketed, saying they had reached their limit on data-center debt and demanding more security and a higher interest rate, Semafor Net Zero reported.
The deal was expected to price later in the week at an interest rate of at least 11%, anchored by a USD 1.5 billion order from Apollo, people familiar with the matter told Semafor Net Zero.
AI-financing deals are still being completed but less smoothly than earlier in the year, with higher rates and more heavily negotiated terms, investors and bankers told Semafor Net Zero.
Source: semafor.com (opens in a new tab)1 sourcePermalink