Google-Linked TeraWulf Seeks $3 Billion Debt for Data Center (1)

TeraWulf Inc. is expected to raise approximately $3 billion to support the build-out of its data centers via a structure supported by Google Inc., according to Patrick Fleury, the crypto miner’s finance chief.

Morgan Stanley is arranging the potential transaction for TeraWulf, and a deal — in either the high-yield bond or leveraged loan markets — could launch as soon as October, Fleury said in an interview.

Credit rating firms are currently determining where to rank the transaction on the scale of BB to CCC ratings that typically apply to junk-rated debt. Google is expected to backstop the ...