Lambda closes $926M IG-rated GPU term loan B
Private neocloud Lambda closed a $926M senior secured TLB, Moody’s Baa2, SOFR+3.00%, issued at 99.5, maturing Dec 31, 2030, amortizing to contracted GPU cash flows. Morgan Stanley lead-left; MUFG joint. Offtaker unnamed in the company PR. A Friday Bloomberg/TechCrunch item saying Lambda raised a separate ~$1B short-dated JPM facility to buy Nvidia GPUs for Microsoft is not a company PR. Treat as unverified.
Why it matters
The contracted-GPU SPV cleared the broadly syndicated IG market for a still-private operator.
Companies
- Lambda
Risks
- Customer unnamed.
- Residual-value risk if offtake is shorter than 2030.
- Private-company disclosure is thin.