Nebius Group N.V. (NASDAQ: NBIS) has closed its first senior secured debt facility totaling approximately $775 million, according to a company press release. The Amsterdam-based AI cloud company said it plans to use the proceeds to expand its global AI cloud platform.

The facility is backed by deployed GPU infrastructure and contracted cash flows from an agreement with an investment-grade customer. It matures October 31, 2030, and is priced at SOFR + 2.50%. Nebius said the facility, combined with cash flows under the customer agreement, covers more than 100% of the capital expenditure required to deploy the underlying GPU infrastructure.

Nebius said the transaction was significantly oversubscribed. MUFG served as Structuring Agent, Sole Bookrunner, and Underwriter. MUFG, ABN AMRO Bank N.V., Bank of America, Deutsche Bank, and HSBC acted as Mandated Lead Arrangers. Citi, Crédit Agricole CIB, ING, and Morgan Stanley acted as Senior Lead Arrangers. Goldman Sachs also participated in the syndicate.

The company said it holds more than $40 billion in contracted revenue from investment-grade customers including Microsoft and Meta, and expects to raise additional capital using a similar financing structure. Nebius said it recently delivered the latest planned capacity tranche to Microsoft and remains on track to deliver remaining tranches.

Chief Operating Officer Ophir Nave said: "This financing is an important step in that strategy, and reinforces our confidence that our disciplined, diversified approach — from owned data centers to asset-light partnerships — together with robust demand for our high-value software stack, will enable us to build a sustainable AI cloud business with strong and durable margins."