Oracle has closed a $16.3 billion data centre financing for a single data centre campus in Saline Township, Michigan, the largest single-facility technology debt package ever assembled. The deal required PIMCO, the world's largest active fixed-income manager, to anchor $10 billion of the bond tranche due to US banks withdrawing from the deal due to doubts about AI infrastructure demand sustainability. The financing is part of $72 billion in total data centre partner debt Oracle has assembled across Michigan, Texas, Wisconsin, and New Mexico for the Stargate joint venture, all backed by a company with BBB-negative credit outlook and $553 billion in performance obligations from a single counterparty, OpenAI. The bonds carry a 7.5% coupon with a 19.5-year maturity, structured with six years of interest-only payments followed by 13 years of amortisation. Goldman Sachs and Wells Fargo advised Related Digital. The remaining $2 billion in equity from Related Digital Infrastructure and Blackstone was purchased by Bank of America. Despite this, analysts have suggested that a downgrade to Oracle’s BBB credit ratings is unlikely. The company’ focus on the deal is on a project finance nature of the deal, which is secured against the Michigan campus itself, not against Oracle‘s corporate balance sheet.