Wall Street Duo Shops Data Center Deal to Private Credit

JPMorgan Chase & Co. and Morgan Stanley are arranging a debt deal for data center operator TeraWulf Inc., which the banks intend to sell to private credit firms, according to people familiar with the matter.

The $350 million loan will be structured as a project financing, with proceeds being used to fund the construction of a data center in New York, said the people, who requested anonymity to discuss a private transaction.

Representatives for JPMorgan and Morgan Stanley declined to comment. A representative for TeraWulf pointed to the company’s most recent earnings call, in which executives said a financing ...