Nebius (NBIS) secures USD 3.5bln financing facility with Citi (C); facility has a 364-day maturity, interest at term SOFFR plus 2.75-3.5% per annum

• Proceeds to be used for data center development, GPU procurement, and corporate purposes.

Short-dated secured facilities of this size for AI infrastructure names have become the standard financing pattern for the current data center buildout cycle: lenders commit at relatively tight spreads over SOFR on a 364-day tenor, with the implicit expectation the borrower refinances into term debt, project finance, or capital markets issuance before maturity. The spread range over term SOFR is the tell on how the lender is pricing the risk; a band rather than a point suggests grid pricing tied to leverage or ratings conditions, which is typical where the borrower's credit story is still evolving. The use of proceeds, GPU procurement and data center development, matches the capital-intensive phase that has defined this peer set, where equity has tended to respond to the funding capacity secured rather than the cost of it, on the precedent that access to compute is the binding constraint on revenue. For the lender, facilities of this kind are consistent with banks competing for AI-adjacent exposure, a pattern that has recurred across prior technology capex waves. The follow-ons worth noting are any refinancing or term-out of the facility, disclosure of collateral and covenants in subsequent filings, and whether peers announce comparable bank lines, since clustering has historically marked the mature phase of such financing cycles.