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Takeaways by Bloomberg AI
Dutch bank ING is looking to sell roughly $500 million of data center loans as fears that the Democratic sweep in US midterm elections could stall many such projects triggered a market rout.
The lender is taking offers for a dozen loans via a so-called bids-wanted-in-competition process, according to people familiar with the matter, who asked not to be identified because the information is private. The loans for sale in the rare auction include a $25 million slice backing a massive data center site in New Mexico, part of OpenAI, SoftBank Group Corp. and Oracle Corp.’s joint Stargate project. Oracle has sent the developer a notice citing force majeure.