JPMorgan, Goldman Price Volta’s $5 Billion AI Loan at 95 Cents

JPMorgan Chase and Goldman Sachs set pricing for a roughly $5 billion loan for Volta Infrastructure Holdings at 95 cents per dollar of principal, with borrowing costs above 11%.

The final spread was 6.5 percentage points over the benchmark rate, matching the high end of the range used when the financing launched. The 95-cent price was below the initial range of 97 to 98 cents. The terms include a penalty if Volta repays early.

The package launched Oct. 9 as a six-year deal initially sized at $5.012 billion. It included a $1.3 billion first-lien term loan and a $3.712 billion GPU loan. The GPU financing was about $3.7 billion at final pricing. Initial terms set a spread of 6.25 to 6.5 percentage points and an indicative yield-to-maturity range of 11.21% to 11.75%.

The banks underwrote the $1.3 billion term loan, while the larger GPU loan was marketed without their underwriting. The initial underwriting arrangement for the loan covered the smaller tranche, which would support a letter of credit tied to the data-center lease. The GPU financing would fund chip purchases, including about 36,000 Nvidia GPUs.

The loan combines lease-related financing with a separate facility for computing hardware. Bitdeer’s Norway campus is covered by a 16-year lease with a Volta subsidiary. The campus is planned to provide 121 megawatts of IT capacity, supported by an estimated 133 gross megawatts.

The lease has about $4.7 billion in contracted revenue over its base term. An eight-year renewal option could raise the potential total to about $8 billion.