Presale: Beignet Investor LLC

This report does not constitute a rating action. Meta Platform Inc. (Meta; AA-/Stable) has partnered with an affiliate of Blue Owl Capital Inc. (Blue Owl; BBB/Stable) to create a JV company (JVCo) to finance the construction and operation of a massive 2.064-GW data center campus currently under development in Richland Parish, La. In turn, JVCo owns Laidley LLC (Landlord), which will own and operate the campus. The project is being developed to help meet the increasing demand for AI computing and will play a vital role in accelerating Meta?s AI progress. Of the total $28.79 billion committed to build the campus, funds affiliated with Blue Owl are providing $23.03 billion in exchange for an 80% equity interest in JVCo to

...Meta Platform Inc. (Meta; ##-/Stable) has partnered with an affiliate of Blue Owl Capital Inc. (Blue Owl; ###/Stable) to create a JV company (JVCo) to finance the construction and operation of a massive 2.064-GW data center campus currently under development in Richland Parish, La. In turn, JVCo owns Laidley LLC (Landlord), which will own and operate the campus. The project is being developed to help meet the increasing demand for AI computing and will play a vital role in accelerating Meta's AI progress. Of the total $28.79 billion committed to build the campus, funds affiliated with Blue Owl are providing $23.03 billion in exchange for an 80% equity interest in JVCo to be held by HoldCo. Iris Crossing LLC (Meta Member) owns the remaining 20% of the equity interest and is providing the remaining construction funding of $5.76 billion....

Presale Report