Lambda closes $1 billion senior secured fixed rate financing

Lambda announced the closing of a $1.008 billion investment-grade delayed-draw term loan to finance GPU infrastructure for three committed deployments serving two investment-grade hyperscale customers across multiple data centers. The oversubscribed facility, Lambda’s first U.S. fixed-rate financing and first institutional debt transaction exceeding $1 billion marketed to insurers and fixed-income investors, carries a 6.78% fixed interest rate, ratings of A (low) from Morningstar DBRS and Baa1 from Moody’s, and matures in May 2033 with fully amortizing repayments. Its delayed-draw structure links funding to infrastructure commissioning milestones, while the loan is secured by financed GPU equipment and associated contracted cash flows. The transaction is Lambda’s second institutional credit facility in 2026 and follows a broadly syndicated loan completed in August, expanding the AI cloud infrastructure provider’s access to institutional capital. J.P. Morgan served as sole coordinating lead arranger, structuring agent, and bookrunner.

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