Sequent
@sequentanalyst
Investor. Curious about business models, behavioural economics, social psychology.
加入 May 2019
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We're in the "hide it off balance sheet in an SPV" phase of the debt-fueled AI datacentre build-out cycle
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.
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