Credit · Tracked as filed as of 2026-07-20

Nebius

CCIR tracks 8 instruments issued by Nebius (NBIS): credit facility, convertible. Every row traces to a primary document. Sizes are as filed and are not additive across the capital stack.

Fixed coupons at issue

Filed coupon, by issue date · hollow = convertible (the coupon is not the whole return) · window Mar 2020 – Mar 2026

Capital stack by borrower

Which entity owes what, as filed. Facilities raised in a subsidiary sit on that subsidiary's assets; the parent's own paper sits beside them, senior to nothing below it.

Borrower	Instrument	Size $m	Rate
US and Finnish subsidiaries	$775M senior secured debt facility (first secured debt in company history)	775	S+2.50%
Nebius (parent level)	1.250% Convertible Senior Notes due 2031 (March series)	2,588	1.25%
	2.625% Convertible Senior Notes due 2033	1,750	2.625%
	1.00% Convertible Senior Notes due 2030	1,581	1%
	2.75% Convertible Senior Notes due 2032	1,581	2.75%
	2.00% Convertible Senior Notes due 2029	487.5	2%
	3.00% Convertible Senior Notes due 2031	487.5	3%
	Legacy 0.75% converts due Mar 2025 (Yandex-era residual)	5.3	0.75%

Instruments

$775M senior secured debt facility (first secured debt in company history)

Credit facility $775m S+2.50% Entered 2026-07-17

Borrower: US and Finnish subsidiaries (borrowers)
Seniority: Senior secured
Maturity: 2030-10-31
Collateral: Deployed GPU infrastructure and contracted cash flows from an unnamed investment-grade customer; together with those cash flows the facility covers >100% of the underlying GPU capex (per the company release)
Lenders: MUFG (structuring agent, sole bookrunner, underwriter; MLA) · ABN AMRO · Bank of America · Deutsche Bank · HSBC · Citi (senior lead arranger) · Crédit Agricole CIB (senior lead arranger) · ING (senior lead arranger) · Morgan Stanley (senior lead arranger) · Goldman Sachs (participant)
Pricing: SOFR + 2.50%
Terms: Nebius's first-ever secured debt; announced 2026-07-17 (company release furnished as Form 6-K EX-99.1). Company frames it as a repeatable structure for >$40B of additional contracted revenue (IG customers such as Microsoft and Meta)

Source: Form 6-K EX-99.1 (acc. 0001104659-26-084452); Nebius company release 'raises $775 million in first secured debt financing' · document

1.250% Convertible Senior Notes due 2031 (March series)

Convertible $2,588m 1.25% Entered 2026-03-20

Seniority: Senior unsecured
Maturity: 2031-03-15
Lenders: 144A QIBs; U.S. Bank (trustee)
Pricing: Effective 4.98%; conversion ~$183.22 (57.5% premium); cash/share-electable
Terms: Accretes to 120% ($3,105.0M payable)

Source: Pricing 6-K 3/18/26; closing 6-K 3/20/26 (indentures) · document

2.625% Convertible Senior Notes due 2033

Convertible $1,750m 2.625% Entered 2026-03-20

Seniority: Senior unsecured
Maturity: 2033-03-15
Lenders: 144A QIBs; U.S. Bank (trustee)
Pricing: Effective 5.20%; conversion ~$180.31 (55% premium)
Terms: Accretes to 120% ($2,100.0M payable)

Source: Pricing 6-K 3/18/26; closing 6-K 3/20/26 (indentures) · document

1.00% Convertible Senior Notes due 2030

Convertible $1,581m 1% Entered 2025-09-15

Seniority: Senior unsecured
Maturity: 2030-09-15
Lenders: 144A QIBs; U.S. Bank (trustee)
Pricing: Effective 4.15%; conversion ~$138.75
Terms: Accretes to 115% ($1,818.4M payable)

Source: 424B5 9/12/25 (supplement); closing 6-K 9/15/25 · document

2.75% Convertible Senior Notes due 2032

Convertible $1,581m 2.75% Entered 2025-09-15

Seniority: Senior unsecured
Maturity: 2032-09-15
Lenders: 144A QIBs; U.S. Bank (trustee)
Pricing: Effective 4.88%; conversion ~$138.75
Terms: Accretes to 115% ($1,818.4M payable)

Source: 424B5 9/12/25 (supplement); closing 6-K 9/15/25 · document

2.00% Convertible Senior Notes due 2029

Convertible $487.5m 2% Entered 2025-06-05

Seniority: Senior unsecured
Maturity: 2029-06-05
Lenders: 144A QIBs; U.S. Bank Trust Co. (trustee)
Pricing: Effective 7.06%; conversion ~$51.45 (40% premium); share-settled
Terms: $487.5M outstanding (of $500M); accretes to 120% ($587.5M payable)

Source: 6-K PR 6/2/25; FY2025 20-F Note 12 · document

3.00% Convertible Senior Notes due 2031

Convertible $487.5m 3% Entered 2025-06-05

Seniority: Senior unsecured
Maturity: 2031-06-05
Lenders: 144A QIBs; U.S. Bank Trust Co. (trustee)
Pricing: Effective 6.87%; conversion ~$51.45
Terms: $487.5M outstanding; accretes to 125% ($612.5M payable)

Source: 6-K PR 6/2/25; FY2025 20-F Note 12 · document

Legacy 0.75% converts due Mar 2025 (Yandex-era residual)

Convertible $5.3m 0.75% Entered 2020-03-03

Seniority: Senior unsecured
Maturity: 2025-03-03 (matured)
Terms: $5.3M residual payable; matured

Source: FY2025 20-F Note 12 · document

Collateral classes on this page: gpu, out. The full ledger, with every issuer and the derived credit series, is on Compute Credit.