JPMorgan and Goldman Sachs sweeten terms on Volta’s $5 billion AI loan

JPMorgan Chase and Goldman Sachs have raised the yield and improved terms on a $5 billion leveraged loan for Volta Infrastructure Holdings Ltd., a young AI cloud and infrastructure company. The reason is simple: investors were not biting at the original price. The revised deal now offers yields of roughly 11.21% to 11.75%. That is the price of lending to a company founded in 2026 with no credit rating, even one with Anthropic as a customer. What changed in the Volta loan The full package comes to $5.012 billion. It splits into two very different pieces. The first is a $1.3 billion first-lien term loan, which the two banks are underwriting. First-lien means these lenders get paid back first if things go wrong, and underwriting means the banks have committed to fund it even if they cannot sell it all. The second piece is a $3.712 billion loan tied to GPUs, the specialized chips that power AI models. That tranche is being sold on a best-efforts basis. Best-efforts is banker language for “we will try.” The banks are not on the hook if buyers fail to show up, which tells you where they think the risk sits. Pricing is now set at SOFR plus 625 to 650 basis points. SOFR is the benchmark fl...