Nebius acquires $3.5 billlion debt facility with city for its AI data center needs

AI cloud company Nebius Group has secured a $3.5 billion loan from Citi to build more data centers and buy GPUs. The company announced the deal in a press release and confirmed it on its official X account. Nebius trades on Nasdaq under the ticker NBIS. Where the money goes and what it costs Nebius will use the money to build data centers and buy GPUs, with some funds reserved for other business needs. The loan has a 364-day term, meaning Nebius must repay or refinance it within a year. It will initially carry an annual interest rate of Term SOFR plus 2.75%. This rate can increase to as high as 3.50% and is subject to further adjustments, the company added.

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