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 named Sopaipilla Investor, following a previous $27 billion bond deal for its Louisiana Hyperion project via Beignet Investor. Both SPVs are named after fried dough pastries. The bonds, offered through a BlackRock-owned vehicle, are seeing investor pushback as yields are demanded above 7%, with some investors seeking an additional 0.4 percentage points over the Hyperion deal due to growing AI exposure concerns. The bonds mature in 2048 and are secured by Meta's 20-year rent payment agreement starting in 2028, with strong protections if Meta abandons the deal. The naming rationale remains unclear as Meta and the SPVs did not respond to requests for comment.
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