Amazon filed an 8-K Wednesday disclosing a $17.5 billion senior unsecured delayed draw term loan arranged by Citibank, with BofA Securities, JPMorgan Chase, HSBC, and Wells Fargo among the co-lenders. Interest prices at SOFR plus 0.625% to 0.875%, an investment-grade spread with no financial covenants. Three-year maturity from draw date.
The delayed-draw structure matters. A revolving credit facility resets: draw, repay, draw again. A DDTL doesn’t reset: pull by Sept. 30 or the commitments expire. That single-shot format fits event-driven deployments where the commitment size is known but the timing isn’t.
What does Amazon get to deploy? Up to $50 billion into OpenAI when conditions are met, and $10 billion already placed into Anthropic with another $15 billion potentially following. Add the $200 billion in AI infrastructure capex planned for this year alone. The $17.5 billion credit facility doesn’t cover all of that. Amazon also sold roughly $10 billion of Canadian dollar bonds on June 8 and has issued debt in euros, USD, and Swiss francs since March.
Bedrock, Amazon’s AI model platform, grew customer spending 170% quarter over quarter and processed more tokens in Q1 2026 than in all prior years combined. CEO Andy Jassy has said the company has “never seen a technology grow as rapidly as AI.” It’s showing up in the liability column too: Amazon and Anthropic also expanded their compute collaboration earlier this year, adding a supply-side commitment to match the equity one.
The draw deadline is Sept. 30.
Diana Kowalski