Nebius's First Secured Debt: A $775M GPU-Backed Facility
On July 17, 2026, Nebius Group announced its first senior secured debt facility, for approximately $775 million. It follows a debt history made up entirely of convertible notes.
01 The Facility
The facility is a senior secured debt facility of approximately $775 million, priced at SOFR plus 2.50% and maturing October 31, 2030. Nebius describes it as senior secured debt backed by deployed GPU infrastructure and the contracted cash flows from an agreement with an investment-grade customer. Together with those cash flows, the facility is stated to cover more than 100% of the capital expenditure required to deploy the underlying GPU infrastructure. Nebius characterizes the transaction as an asset-backed facility, and describes it as a repeatable framework for asset-level financing on further long-term customer deployments.
The transaction was significantly oversubscribed. MUFG acted as structuring agent, sole bookrunner and underwriter. MUFG, ABN AMRO, Bank of America, Deutsche Bank and HSBC were mandated lead arrangers. Citi, Crédit Agricole CIB, ING and Morgan Stanley were senior lead arrangers. Goldman Sachs also participated in the syndicate.
02 The Change of Instrument
It is the first secured debt in the company's history. Nebius's borrowings to date had been convertibles: senior unsecured notes carrying an equity conversion option, a low coupon, a bullet maturity, and light covenants, held by equity-linked investors with nothing pledged. As recently as March 2026 the company priced $4.0 billion of convertible senior notes in two series.
The facility is a different instrument with a different lender base: a first-lien claim held by a commercial-bank syndicate, with scheduled terms running to 2030. The move is from convertible notes to secured bank debt. It is the first time Nebius has funded on that basis.
03 The Record
We record every GPU-backed facility we can trace to a primary document in the compute credit tracker, and this facility is entered there. Derived series, spread at signing and lender-filed marks, are on the credit reference series page.
Sources: Nebius Group N.V., "Nebius raises $775 million in first secured debt financing" (company release, July 17, 2026), furnished as Exhibit 99.1 to Form 6-K (SEC accession 0001104659-26-084452). Convertible-note figures: Nebius Group N.V., Form 6-K, March 2026 — pricing of $4.0 billion of convertible senior notes ($2.25 billion 1.250% due 2031; $1.75 billion 2.625% due 2033), SEC accession 0001104659-26-029863.