JPMorgan Chase and Goldman Sachs are organizing a $5,012 billion leveraged loan for Volta Infrastructure Holdings. The financing package consists of a $1,3 billion first-lien term loan and a $3,712 billion GPU term loan.
The deal is marketed with an all-in yield to maturity of 11,21% to 11,75%. Pricing is set at SOFR plus 625 to 650 basis points, with an original issue discount of 97 to 98. Investors must submit commitments by October 14, 2026.
Volta intends to spend $3,7 billion on 36,000 Nvidia GPUs. The remaining $1,3 billion will support a data-center lease in Norway through a partnership with Bitdeer Technologies Group, with Anthropic as the end customer.
This is the second attempt to market the debt after an initial effort in August and September 2026 failed with a lower spread. The current offer includes an additional 125 to 150 basis points of spread to attract investors.
Volta previously raised $300 million in equity in 2026 at a valuation of $2,4 billion. Analysts note the company has a limited operating history, high leverage, and lacks corporate guarantees for the debt.
