Meta names multibillion-dollar AI debt deals after fried dough pastries
Meta is raising $12 billion for a new AI data center in El Paso, Texas, through a special purpose vehicle (SPV) named Sopaipilla Investor, following a previous $27 billion bond sale for its Hyperion project in Louisiana via an SPV called Beignet Investor. Both names reference fried dough pastries popular in the respective regions. The bonds, managed by BlackRock, offer yields above 7%, but investors are demanding 0.4 percentage points more than the Hyperion deal due to growing AI exposure concerns and fears of an AI bubble. The Sopaipilla Investor bond matures in 2048, secured by Meta's 20-year rent agreement starting in 2028, with strong bondholder protections including a hefty fee if Meta abandons the deal. The naming trend remains unexplained as Meta and the SPVs did not respond to requests for comment.
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