OpenAI announces new $4B credit facility with bank consortium
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Contributor since / Followers
Contributor since / Followers
2 months ago
Kenneth Cheung
- In addition to yesterday’s $6.6B equity funding round, generative artificial intelligence startup OpenAI disclosed a new $4B credit facility.
- The new revolving facility is with JPMorgan Chase, (JPM) Citi (C), Goldman Sachs (GS), Morgan Stanley (MS), Santander (SAN), Wells Fargo (WFC), SMBC, UBS (UBS), and HSBC. The credit facility is undrawn at closing, OpenAI said, adding that it gives the company more than $10B in liquidity when combined with the new equity raise.
- “This credit facility further strengthens our balance sheet and provides flexibility to seize future growth opportunities,” said OpenAI Chief Financial Officer Sarah Friar in a statement. “We are proud to have the strongest banks and investors in the world supporting us.”
- Friar joined OpenAI, which is majority backed by Microsoft (NASDAQ:MSFT), in June 2024.