Bank of America, Blackstone, Citi and Morgan Stanley Announce 63 Billion Dollar Financing Structure with Broadcom

✦ Meridian Analysis

Bank of America, Blackstone, Citi and Morgan Stanley have signed a $63 billion financing structure that will fund the purchase of Broadcom’s XPU AI accelerators and networking solutions for lease to Anthropic. The deal is being executed through a newly created special‑purpose vehicle; the first‑lien tranche is arranged by Bank of America, Citi and Morgan Stanley, while Blackstone supplies the committed second‑lien portion. Broadcom, the technology supplier, provides residual‑value support equal to the first‑lien amount, effectively underwriting the hardware’s end‑of‑life value. In this architecture the banks act as senior lenders, Blackstone as a credit‑focused sponsor providing mezzanine capital, and Broadcom both as vendor and partial guarantor, while Anthropic is the off‑taker of the compute capacity. The structure mirrors a typical layered‑capital project finance, with the SPV owning the assets and leasing them to the end user, allowing the lenders to capture cash‑flow from the lease payments. What remains undisclosed includes the exact pricing and covenant package of each tranche, the timeline for SPV formation and asset acquisition, and any regulatory clearances required for the cross‑border lease arrangement. Professionals will also watch for details on the residual‑value support mechanics, the identity of any equity investors, and the final lease terms with Anthropic, all of which will shape the risk profile and return expectations of the financing.

The Meridian Weekly