Deal Files1 file

Deal Files

One private credit deal a month, reported: who lent, on what terms, why it was structured that way and what could go wrong. Each file ends with the questions an interviewer asks about it, and the answers. Every figure is sourced.

The short version goes out in the monthly newsletter.

Aerial view of three large data center buildings with a fourth under construction, surrounded by cooling units and a power substation

Deal File No. 1 · Data centers · 25 September 2026Meta Borrowed $27bn Without Borrowing It. This Week, the Bond Hit a Record LowHyperion is the AI data center Meta is building in Louisiana, and it was financed through the largest private credit deal on record. What it is, why lenders want assets like it, and why its bond now trades at 94 cents.Read the Deal File