Meta Platforms, the US investment grade social media platform operator, priced and sold a six-part dollar deal, with a net value of US$30 billion, slightly above the US$29bln indication given before pricing.
The social-media group, rated Aa3/AA-, told investors it will use the financing to term out funding for its AI and data-centre capital expenditure (capex) push. In its lates The order book for the deal totalled US$125bln according to S&P.
Meta Platforms stormed the US investment-grade market with a six-part dollar deal that ultimately came at US$30 billion, slightly above what desks had been talking about earlier in the day. The social media group, rated Aa3/AA-, used the trade to term out funding for its AI and data-centre capex push, and drew one of the largest order books of the year at US$125 billion, giving leads ample room to tighten pricing.
The issue was structured with paper maturing in 5, 7, 10, 20, 30, and 40 years, respectively. According to S&P, the 5-year printed at 50bp over Treasuries, the 7-year at 70bp, and the 10-year at 78bp. At the long end, Meta sold 20, 30 and 40-year paper at spreads of 88bp, 98bp and 110bp, respectively.
After being initially offered on first trading days, the new issues have seen pricing tighten according to Tradeweb data. This is in contrast with recent CDS moves in AI related names.
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