Meta’s $29 Billion Deal Marks Key Moment for Private Credit (1)

The heavy hitters of private credit have been waiting for this moment for years.

Major lenders, which often cater to companies with dented credit, talk endlessly about the opportunities in investment-grade debt and in financing the breakneck growth of artificial intelligence. They’ve done smaller deals, but this week they caught the biggest fish yet: a $29 billion financing package for Meta Platforms Inc.’s massive data center in Louisiana.

That transaction, led by Pacific Investment Management Co. and Blue Owl Capital Inc., hits all the high notes: It’s a top-notch business in a hot sector. It disrupts the usual route ...