CNBC published a blog post on October 3, reporting that OpenAI The company closed a new $6.6 billion round ofFinancingIn addition to the $4 billionWorking capital credit,This means that the company's liquidity exceeds $10 billion (currently about 70,361 million yuan).
OpenAI has secured a $4 billion revolving credit facility with participation from financial institutions including JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander Group, Wells Fargo, SMBC, UBS and HSBC.
The report says OpenAI has a base credit line of $4 billion with an option to add an additional $2 billion, which is unsecured and can be used over three years.
OpenAI's interest rate is equal to the Secured Overnight Financing Rate (SOFR) plus 100 basis points.The SOFR, a measure of the cost of borrowing overnight, was slightly above 5% earlier this week, which means that OpenAI would pay approximately 6% in interest when borrowing immediately.
OpenAI wrote in a blog post on Thursday:
- This means we now have access to more than $10 billion in liquidity, which gives us the flexibility to invest in new programs and maintain complete agility as we expand.
- It also reaffirms our partnership with a great group of financial institutions, many of which are also OpenAI customers.
Note: A revolving credit, also known as a revolving credit or revolving loan agreement, is a loan agreement between a bank and a borrower.
In this type of agreement, the bank undertakes to provide a loan up to a certain maximum limit, and the borrower can make multiple withdrawals and repayments during the life of the agreement. This type of credit is very flexible and is suitable for businesses that require frequent turnover of funds.