SEC EDGAR (Form 8-K & 424B2, Equinix, Inc.) · 2026-08-06
Equinix Prices $3 Billion Four-Tranche Investment-Grade Bond Offering to Fund AI Data-Center Expansion
Equinix closed a $3B four-tranche senior notes offering (5.00% 2029, 5.25% 2031, 5.50% 2033, 5.80% 2036) dated August 6, 2026, with the 2031 tranche issued via a European subsidiary and swapped into Euros at ~3.95%. As a REIT that cannot retain earnings, Equinix relies structurally on capital markets for capex; this deal directly funds its AI Factory buildout with Cisco and NVIDIA across 76 global markets and is the clearest real-money data-center financing event within the 48-hour window.
S&P Global Ratings / CNBC · 2026-07-24
S&P Global Ratings Downgrades Oracle to BBB- (One Notch Above Junk) Amid $250B AI Data-Center Spending Spree
S&P cut Oracle's long-term issuer rating to BBB- and short-term to A-3, leaving it one notch above speculative grade, as Oracle burned through $20B more cash than it generated over the trailing four quarters and faces a projected $42B free-cash-flow deficit in FY2027. Moody's simultaneously holds a negative outlook (Baa2). Oracle's 5-year CDS spread hit ~2.03%, an 18-year high. This is the most consequential rating action on any issuer in the covered universe in the near-term window, signalling the market's sharpest judgment yet that AI capex is impairing investment-grade status.
Bloomberg / ZeroHedge (citing Bloomberg) / 24-7 Wall St. · 2026-04-09
CoreWeave Issues $4.25B in New Convertible and Junk Debt Alongside $21B Expanded Meta AI-Compute Deal
CoreWeave simultaneously announced a $21B expanded cloud-capacity agreement with Meta (total Meta commitments now $35.2B through 2032) and launched $3B in convertible notes (1.5–2% coupon) plus $1.25B in senior junk notes (~10% coupon), bringing long-term debt to ~$21B against deeply negative free cash flow. Capital intensity stands at $2.60 of capex per $1 of new revenue. The dual-tranche debt structure — investment-grade-adjacent convertibles alongside high-yield paper — illustrates the fragile funding model underpinning AI infrastructure and is the defining credit-stress event for the high-yield AI-capex complex in 2026.