At a glance
- Citi was mandated lead arranger, agent and security agent.
- For allocators who hold or underwrite GPU-cloud credit, the one-year maturity sets the next repricing point: the loan comes due in twelve months and any refinancing will be priced against the same Term SOFR benchmark.
- The $3.5 billion facility follows $5.75 billion of senior notes Nebius raised in August, which Private Infrastructure Daily described as carrying a four-point coupon spread.
Nebius said it secured a $3.5 billion senior secured facility from Citi, priced at 2.75 points over Term SOFR initially and maturing in one year.
The spread can rise to a maximum of 3.50 points over Term SOFR. Citi was mandated lead arranger, agent and security agent. Nebius will use the financing for data center development and GPU procurement, Data Center Dynamics reported Oct. 23.
For allocators who hold or underwrite GPU-cloud credit, the one-year maturity sets the next repricing point: the loan comes due in twelve months and any refinancing will be priced against the same Term SOFR benchmark. Nebius's chief operating officer, Ophir Nave, said the company retains a "range of capital sources" for the next phase, including asset-backed financing based on more than $40 billion of investment-grade customer commitments.
The secured line prices inside August's notes
The $3.5 billion facility follows $5.75 billion of senior notes Nebius raised in August, which Private Infrastructure Daily described as carrying a four-point coupon spread. The bank line is secured and matures in one year; the notes are longer-dated, so the 1.25-point gap between opening spreads is not a like-for-like credit comparison.
In October, Nebius signed data center leases with AIB Data Centers, Volt in the Netherlands and Neom's Oxagon. The AIB deal covers 50MW over 12 years, and the Oxagon agreement makes Nebius an anchor customer for up to 50MW, with capacity due online in phases from the fourth quarter of 2027, Data Center Dynamics reported.
Reported by the Fundraising desk from Data Center Dynamics. Published . Corrections