Private Credit AI Chip Syndicate Workbench

Facility Size

$500.0B

Asset-Backed Compute ABL

Blended Cost of Capital

8.125%

SOFR 4.50% + Weighted Spread

Minimum DSCR

1.38x

Covenant Floor: 1.20x

Breakeven Haircut

41.2%

Senior Debt Par Recovery Limit

Facility Parameters CONFIG

Total Facility Size ($B) $500B

Underlying GPU Cluster Model

Hyperscaler Lease Counterparty

Tranche Capital Structure

Senior Secured ABL (%) 70% ($350.0B)

Mezzanine Debt (%) 20% ($100.0B)

Sponsor Equity (First Loss) 10% ($50.0B)

Rates & Tenor

Base SOFR Rate (%) 4.50%

Senior Spread (bps) +275 bps (7.25%)

Mezzanine Spread (bps) +650 bps (11.00%)

Lease Tenor (Months) 48 Mo (4 Yrs)

Annual Hardware Deprec. (%) 22.5% / yr

Capital Stack Waterfall SENIORITY PRIORITY

Collateral vs Senior Debt Balance 48-MONTH TRAJECTORY

Quarterly Debt Service & DSCR Schedule CASH SWEEP WATERFALL

Period	Lease Rev ($B)	Senior Int ($B)	Mezz Int ($B)	Principal Amort ($B)	Senior End Bal ($B)	GPU Collateral ($B)	DSCR

Secondary Market GPU Collateral Liquidation Stress Matrix HAIRCUT SENSITIVITY

Simulates mid-tenor counterparty default with forced fire-sale liquidation of GPU clusters into secondary AI markets.

Ready for institutional distribution