Lambda prices $926 million senior secured term loan B facility, the first investment-grade-rated term loan B financing by a private neocloud

Lambda announced the pricing of a $926 million senior secured term loan B facility to finance the acquisition and deployment of GPU servers and related infrastructure for committed customer workloads, including services for an investment-grade offtaker. Moody’s assigned the facility a Baa2 rating, making it the first investment-grade-rated term loan B financing by a private neocloud and signaling growing institutional interest in AI infrastructure financing. The oversubscribed transaction was priced at SOFR plus 3.00%, 75 basis points tighter than initial discussions, and issued at 99.5% of principal. Secured by the funded GPU assets and associated contracted cash flows, the loan matures on December 31, 2030, with amortization designed to align with the infrastructure’s useful life and contract revenues. Morgan Stanley is leading the arrangement, with MUFG as joint bookrunner, and closing is expected in August 2026 subject to standard conditions.

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