Latham & Watkins Advises on CoreWeave’s Landmark US$8.5 Billion Financing Facility

CoreWeave, Inc. (Nasdaq: CRWV), The Essential Cloud for AI™, has announced it has closed a US$8.5 billion delayed draw term loan facility (DDTL 4.0 facility), supporting the continued expansion of its AI cloud platform. The DDTL 4.0 facility received ratings of A3 by Moody’s and A (low) by DBRS, respectively, representing the first investment-grade rated financing secured by HPC infrastructure and an associated customer contract. MUFG and Morgan Stanley served as co-structuring agents and joint bookrunners with Goldman Sachs and JPMorgan serving as additional coordinating lead arrangers for the transaction, which was meaningfully oversubscribed. The facility was anchored by Blackstone Credit & Insurance and included participation from a diverse group of global financial institutions, asset managers, and insurance investors.

Latham & Watkins LLP represented MUFG and Morgan Stanley, the co-structuring agents and joint bookrunners in the transaction, with a finance team led by partner Chirag Dedania and associate Jesse Van Genugten, and partners Keith Halverstam, Paul Bonewitz, and Sal Vanchieri, with associates Pad Rosand and Miles Primason, and assistance from Grigorios Pappas. Advice was also provided on intellectual property matters by partner Morgan Brubaker, with associate Azam Chaudry; and on real estate matters by partner Mike Rechtin and counsel Tori Campbell, with associates Vasi Mitrakos and Brandon Hemans.