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Meta Hyperion (Beignet Investor)
The Louisiana data center sits in a venture Meta owns 20% of, so the bonds sit outside Meta's balance sheet. Meta rents it on a four-year lease it can extend to 20 years. If it walks away, its residual value guarantee covers a shortfall in the property's value.
- Size
- $27.3B · Senior secured bonds at 6.581%, due May 2049, rated A+ by S&P.
- Date
- Type
- Off-balance-sheet venture
- Status
- Priced
Who does what
- PIMCOmain anchor buyer of the bonds
- Morgan Stanleysole underwriter and adviser
- Blue Owlits funds own the issuer, an 80% partner
- Metarents the campus, holds 20%
- Metagives a residual value guarantee
What we don’t know
- The guarantee cap for Louisiana alone: Meta only reports the total for both ventures
Sources
- Financing Package: Blue Owl Capital/Beignet Investor's US$27.3bn 23.6-year bond IFR · Oct 16, 2025
- Meta Platforms 10-Q, quarter ended Sep 30, 2026 SEC · Oct 22, 2026
We opened each of these on Oct 30, 2026.
See it on the debt map. Not financial advice.