00:00Carmen, give us a sense of how the deal is structured here.
00:04We reported that the parties price the debt on Thursday, which is more than $27 billion of bonds.
00:09Tell me a little bit more about that.
00:10Sure. So basically, Meta needs a lot of financing for the data centers, and it's not great to put it on balance sheets.
00:16So they've turned to alternative asset managers and Morgan Stanley who helped them do this deal,
00:21basically, where Blue Owl owns most of the Louisiana data center they have there, and Meta owns like 20 percent of it.
00:27And then Blue Owl uses this deal to basically finance that data center build-out.
00:32So it's mostly like a Blue Owl deal, along with like PIMCO, who's the main lender, and Morgan Stanley, who structures it.
00:40Sounds like everyone wanted a piece of this deal.
00:42Yeah. It took a long time to put it together because everyone was really interested in getting in.
00:49We had a story in August kind of like detailing how that process went.
00:52And when the basically when the debt priced on Thursday, like literally the next day, like market makers were offering the bonds higher than when it priced.
01:02So it's pretty clear there was like a market appetite for it.
01:08So...
01:12It's pretty clear.
01:12It has to be extremely important for it.
01:13It doesn't seem...
01:14I got this one for the most.
01:15It has to be Ed Allen.
01:16It's pretty simple.
01:18All that you have probably got a cut like a cut line here.
01:20But this was...
01:22I got this one for the most reason that you financed me by giving birth and styling.
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