YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
OpenAI has a $4 billion revolving line of credit, bringing its total liquidity to more than $10 billion. It follows news Wednesday that OpenAI closed its recent funding round at a valuation of $157 billion, including the $6.6 billion the company raised from an extensive roster of investment firms and big tech companies.
JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, SMBC, UBS and HSBC all participated.
The base credit line is $4 billion, with an option to increase it by an additional $2 billion. The loan is unsecured and can be tapped over the course of three years. OpenAI’s interest rate is equal to the Secured Overnight Financing Rate plus 100 basis points. SOFR, a measure of the cost of borrowing cash overnight, sat at just over 5% as of early this week, meaning OpenAI would be paying roughly 6% on money that it borrows right away.
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