Google-Linked Crypto Miner Plans $3 Billion Debt for Data Center

TeraWulf Inc. is expected to raise approximately $3 billion to support the build-out of its data centers via a structure supported by Google Inc., according to Patrick Fleury, the crypto miner’s finance chief.

Morgan Stanley is arranging the potential transaction for TeraWulf, and a deal — in either the high-yield bond or leveraged loan markets — could launch as soon as October, Fleury said in an interview with Bloomberg News.

Credit rating firms are currently determining where to rank the transaction between the scale of BB and CCC ratings that typically apply to junk-rated debt. Google is expected ...