BofA, CITIGROUP and MORGAN STANLEY have started syndicating $60 bln of debt to
finance ANTHROPIC’s leasing of Google AI chips, the largest chip financing to
date. About $42 bln is a Broadcom-backed senior secured loan whose syndication
began Monday; a $18 bln subordinated tranche without Broadcom backing will be
launched later, with Blackstone committed to roughly $9 bln. Proceeds will fund
ANTHROPIC’s 2027 chip orders and lease payments will begin after delivery.
Broadcom may also receive up to $42 bln of convertible notes to cover related
lease fees. The transaction is being treated as a barometer of market appetite
for AI-related debt.
