$CRWV Seeks $4 Billion Loan Backed by $META Contracts

CoreWeave ($CRWV) is seeking a $4 billion loan backed by its contracts with Meta ($META), according to Semafor.
The structure would enable CoreWeave to borrow against $META's AA credit rating rather than its own, targeting an all-in interest rate of roughly 7.5%. That rate is significantly lower than the nearly 16% yield on $CRWV's unsecured bonds, which have faced sharp sell-offs this fall amid mounting concerns over AI financing.
Morgan Stanley ($MS) and Mitsubishi UFJ ($MUFG) are syndicating the loan, which has reportedly met with a positive early reception from lenders.