Paul Hastings Advises Initial Purchasers on Related Digital’s $14 Billion Project Bond Issuance for Oracle Data Center Campus

Paul Hastings LLP advised Bank of America Securities, Goldman Sachs & Co., Wells Fargo Securities and Credit Agricole Securities in connection with the offering of $14 billion of 7.500% senior secured notes due 2045 by RD Michigan Property Owner I LLC, owned by a joint venture between Related Digital and Blackstone, for the development, construction and ownership of an Oracle data center project in Saline Township, Michigan.

The financing for this data center campus includes equity from Related Digital and funds affiliated with Blackstone, in addition to this bond anchored by PIMCO-managed funds and accounts. The Saline Township campus comprises three single-story data center buildings with more than a gigawatt of capacity. The project is being developed for Oracle as part of its partnership with OpenAI to expand AI compute capacity across the country.

Energy & Infrastructure co-chair Greg Tan, partner Alex Herman and of counsel Ashiq Aziz led the Paul Hastings team, which included partners Eric Allendorf and Brad Ritter, of counsel Michael Bradford, Tim Breems, Shai Marshall and Matthew Sommer and associates Anna Barbosa, Genna Fukuda, Agustina Guazzaroni, Pranav Iyer, Sabina Jacobs Margot, Gaby Jassir, Lena Kwon and Katie Warshauer.

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