Pimco is seeking buyers for portions of a $14 billion debt package. The financing supports a large-scale Oracle data center development in Michigan.
Bank of America led the broader $16.3 billion capital structure for the project. Oracle intends to use the funds to expand its cloud and AI infrastructure.
The debt consists of 19.5-year bonds issued through a private placement. Investors expect a coupon rate of approximately 7.5% on the bonds. Blackstone Inc. is contributing $2 billion in equity to the development.