Sequent(@sequentanalyst):The latest off-balance sheet datacentre financing wheeze - this time it's $META. 80/20 Blackrock/Meta JV - Meta brings $2.3B in assets, BlackRock adds $4.9B cash (backed by a $12.5B debt facility), and Meta takes a $1B distribution to true-up the equity. Meta is only committing to a 4yr lease. A Residual Value Guarantee (RVG) means Meta guarantees a RV of $13bn Why? Classic off-balance-sheet financing. The 20% equity cap and 4-year initial term allow Meta to avoid consolidating the JV's $12.5B debt load on its own BS. Meta keeps LT control

Sequent

@sequentanalyst

Investor. Curious about business models, behavioural economics, social psychology.

参加 May 2019

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Sequent@sequentanalyst

2026.07.28 11:32

The latest off-balance sheet datacentre financing wheeze - this time it's $META. 80/20 Blackrock/Meta JV - Meta brings $2.3B in assets, BlackRock adds $4.9B cash (backed by a $12.5B debt facility), and Meta takes a $1B distribution to true-up the equity. Meta is only committing to a 4yr lease. A Residual Value Guarantee (RVG) means Meta guarantees a RV of $13bn Why? Classic off-balance-sheet financing. The 20% equity cap and 4-year initial term allow Meta to avoid consolidating the JV's $12.5B debt load on its own BS. Meta keeps LT control - but the debt and the asset sit off B/S.