Five-year high-yield notes totaling $900 million were issued by Elk Grove Village Property LLC, an indirect subsidiary of Prime Data Centers LLC, to fund a build‑to‑suit hyperscale data center in the Chicago metropolitan area.
The bonds were priced at par and carry a 7.5% yield, placed at the low end of the price‑talk range; Banco Santander SA acted as the offering manager.
The offering size was increased by $50 million from the originally discussed $850 million, indicating strong investor appetite for junk‑bond financing of AI‑related infrastructure.
The data center has been fully leased to CoreWeave Inc. for a 15‑year term and is expected to generate approximately $2.2 billion in revenue over the lease period.
Bloomberg data shows that data‑center developers have raised more than $27 billion from high‑yield bonds in 2026, underscoring a broader trend of using riskier debt to fund AI and cloud infrastructure expansion.
