🇺🇸JPMorgan and Goldman Sachs underwrote $1.3 billion, excluding $3.7 billion in chip loans, while arranging AI-cloud startup Volta’s $5 billion financing.

The financing concerns Volta Infrastructure Holdings Ltd., described in the supplied reporting as an emerging AI-cloud company. JPMorgan and Goldman Sachs were arranging a $5 billion loan transaction, but their underwriting covered only the $1.3 billion term-loan portion, not the additional $3.7 billion in chip loans.

Financial_Express’s Bloomberg-attributed reporting puts the debt financing yield at approximately 11%, describing it as among the highest borrowing costs in the leveraged-loan market being used for AI financing. The report also says the transaction was unrated, a characteristic it identifies as an obstacle for collateralized loan obligations (CLOs), a major category of loan buyers.

The report attributes the limited underwriting structure to the banks’ efforts to reduce their exposure while arranging the financing. It does not establish that the entire transaction had closed or specify collateral, loan maturities, covenants, conversion rights, or equity dilution.