Morgan Stanley Offers More Junk Debt for Google-Tied Project (1)

Developers of a data center linked to Alphabet Inc.’s Google are tapping the junk-bond market to finance the project in a deal led by Morgan Stanley, extending a borrowing spree powering the artificial-intelligence boom.

A company indirectly owned by cryptocurrency miner TeraWulf Inc. and cloud-computing startup Fluidstack Ltd.is offering $1.28 billion in five-year senior secured notes to finance part of a data center being built in Abernathy, Texas, according to a person familiar with the matter. The deal is expected to price Thursday, the person said, asking not to be identified because the information is private. The bonds ...