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Bond Market News
Related Digital Closes In On $16bn Financing For Oracle’s Michigan AI Data Centre
April 2, 2026
Real estate company Related Digital, is close to finalising $16bn in funding to build a massive Oracle data centre in Michigan. The data centre is designed to power artificial intelligence applications for OpenAI. The deal consists of roughly $2bn in equity financing from Blackstone, and $14bn in debt financing led by BofA which now expected to involve a bond issuance rather than a straightforward construction loan. The process faced several delays. Local officials initially rejected Related Digital’s request to build on agricultural land in September, before reaching an agreement in October 2025. Separately, lenders raised concerns over Oracle’s lease terms, specifically seeking guarantees that payments would continue regardless of how much of the data centre capacity was actually used. Borrowing costs for Oracle-linked data centre projects rose significantly between September and January as a result. Oracle agreed to revise some lease terms.
Oracle’s dollar bonds were trading stable with its 4.125% 2045s at 69.1, yielding 7.1%.
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