Blue Owl Capital Inc. (Blue Owl; BBB/Stable), through its affiliated funds, created a project finance-style holding company Beignet Investor LLC (HoldCo or Issuer) to invest in an 80% interest in a joint venture (JV) with Meta Platforms Inc. (Meta; AA-/Stable). HoldCo is issuing $27.30 billion amortizing notes with a maturity of May 2049. We assigned an ?A+? preliminary issue-level rating to the notes. The proceeds, along with $2.45 billion in equity contribution by funds affiliated with Blue Owl and $1.16 billion interest income, will constitute the issuer?s contribution toward the design and construction of a massive 2.064-GW data center campus in Richland Parish, La. Proceeds will also fund reserve accounts, cover debt service during construction, and pay transaction expenses. We
