Elk Grove Village Property LLC, an indirect subsidiary of Prime Data Centers, a data center developer based in the US, raised US$900 million through a five-year high-yield bond sale.

The proceeds to help fund a Chicago-area data center that CoreWeave has leased for 15 years.

The offering was increased by US$50 million and is tied to a project expected to generate about US$2.2 billion in lease revenue.

The project is part of Prime’s planned Chicago campus at 1600 East Higgins Road in Elk Grove Village. The first facility was designed as a single-tenant hyperscale site with 384,000 square feet of space and up to 72 megawatts of capacity.

The financing is expected to refinance existing debt and accrued interest and fund the remaining construction costs, suggesting the facility is still being completed.

Data shows that companies tied to the buildout of AI infrastructure have raised more than US$27 billion in riskier bonds this year.

🔗 Source: Bloomberg