JPMorgan and Goldman Sachs push $5B Volta AI loan at steeper yields

JPMorgan Chase and Goldman Sachs are trying to sell a $5 billion leveraged loan for Volta Infrastructure Holdings, a young AI infrastructure platform. The deal is being marketed at an all-in yield to maturity of roughly 11.21% to 11.75%. The terms of the deal Volta launched the package on October 9, 2026. Commitments are due by October 14, 2026, which gives investors less than a week to decide. The full package totals $5.012 billion and comes in two pieces. The first is a $1.3 billion first-lien term loan C. The second, and larger, is a $3.712 billion GPU term loan. JPMorgan and Goldman are serving as joint lead arrangers. Pricing is set at SOFR plus 625 to 650 basis points. The loan also carries an original issue discount of 97 to 98. Add the spread and the discount together and you get the 11.21% to 11.75% yield. Where the money goes Most of the cash will turn straight into chips. About $3.7 billion is earmarked for GPU purchases, specifically about 36,000 Nvidia GPUs. The remaining roughly $1.3 billion will fund a letter of credit backing a data-center lease. That lease is part of Volta’s partnership with Bitdeer Technologies Group on a data center campus in Norway. The end cust...