ING is putting a $500 million portfolio of data center loans up for sale. The bank started a bidding process for these loans, which include a $25 million debt tied to a New Mexico project backed by OpenAI. Bids for the portfolio are due on November 19 for interested buyers.
Synopsis
This includes a $25 million loan tied to a large New Mexico data center that forms part of the Stargate artificial intelligence infrastructure venture backed by OpenAI, SoftBank Group and Oracle, the report said.
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Dutch lender ING is putting up for sale about $500 million portfolio of data center loans all at once, Bloomberg News reported on Thursday, citing people familiar with the matter.
This includes a $25 million loan tied to a large New Mexico data center that forms part of the Stargate artificial intelligence infrastructure venture backed by OpenAI, SoftBank Group and Oracle, the report said.
The bank is taking bids for a dozen loans through a so-called bids-wanted-in-competition process, according to the report.
Reuters could not immediately verify the report. ING did not immediately respond to a request for comment outside business hours.
This comes after a broader selloff that hit chipmakers and so-called neocloud companies, particularly hard as Democrats' sweeping victory in the US midterms fanned fears of tougher regulation of the technology.
The portfolio also includes debt linked to data center operators such as Vantage Data Centers and CyrusOne, Bloomberg said, adding that the bids are due on November 19 for at least $10 million in size.
The selloff evaporated $3 trillion in stock market value from S&P 500 companies. Data center operators Applied Digital, Cipher Digital and IREN tumbled more than 14% each.