Jernej Furman
U.S. JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group, Morgan Stanley, Wells Fargo, Spain's Santander, Japan's Sumitomo Mitsui Banking Corporation (SMBC), Switzerland's UBS, and Britain's HSBC were among the institutions that initiated the line. A large number of these financial institutions are customers of OpenAI.
The chief financial officer of the developer, Sarah Friar, stated that this line of credit enables them to enhance their financial stability and gives them the freedom to take advantage of potential growth opportunities.
CNBC reported that the credit facility can be enlarged by an additional $2 billion. The loan is unsecured, lasts for three years, and has an interest rate equivalent to the SOFR plus 100 basis points. Earlier in the week, the SOFR hovered slightly above 5 percent.
On the previous day, OpenAI announced the completion of a $6.6bn funding round, resulting in a total valuation of $157bn, the largest in Silicon Valley's history.
OpenAI points out that having access to over $10 billion in liquidity allows for the flexibility to invest in new ventures and expand.
source: cnbc.com
The chief financial officer of the developer, Sarah Friar, stated that this line of credit enables them to enhance their financial stability and gives them the freedom to take advantage of potential growth opportunities.
CNBC reported that the credit facility can be enlarged by an additional $2 billion. The loan is unsecured, lasts for three years, and has an interest rate equivalent to the SOFR plus 100 basis points. Earlier in the week, the SOFR hovered slightly above 5 percent.
On the previous day, OpenAI announced the completion of a $6.6bn funding round, resulting in a total valuation of $157bn, the largest in Silicon Valley's history.
OpenAI points out that having access to over $10 billion in liquidity allows for the flexibility to invest in new ventures and expand.
source: cnbc.com
