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Related Digital Saline campus for Oracle
Long-term fixed-rate debt for a Michigan campus built for Oracle and OpenAI. Blue Owl backed out in December and Blackstone took its place.
Stress Reuters says this debt is explicitly linked to Oracle's rating. S&P cut Oracle to BBB-, one level above junk, in July. Aug 4, 2026
- Size
- $14B · A $14B debt issue inside a $16B project.
- Date
- Type
- Data center bond
- Status
- Closed
Who does what
- PIMCOanchors the debt
- Bank of Americastructuring agent
- Blackstoneits funds put in equity
- Related Digitalbuilds the campus, puts in equity
- Oraclethe tenant
- OpenAIthe end user of the capacity
What we don’t know
- Blackstone's equity check: one report says $2B, the release gives none
Sources
- Related Digital Announces Financing for $16 Billion Oracle Data Center Project Blackstone · Apr 24, 2026
- Related, Blackstone Obtain $16B for Michigan Oracle Project Commercial Property Executive · Apr 27, 2026
- Analysis-Oracle Corp goes for high-stakes ratings gamble in AI strategy Reuters via WSAU · Aug 4, 2026
We opened each of these on Oct 30, 2026.
See it on the debt map. Not financial advice.