A Blue Owl Capital Inc. affiliate raised $1.1 billion through a high-yield bond offering. Goldman Sachs led the deal to finance a facility for AI cloud provider CoreWeave. The bonds priced at a 9.25% yield. This rate sits approximately 2.7 percentage points above similarly rated debt.
Proceeds will support the Digital Drive data center project near Richmond, Virginia. CoreWeave committed to a 15-year lease valued at $2.94 billion. The agreement covers the entire 76-megawatt capacity of the facility.
Developers expect the site to become operational between 2027 and 2028. This financing bridges the gap until the project begins generating revenue. The sale reflects a broader trend of large debt deals funding AI infrastructure.