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What is foundry JV Holdco LLC?

Brookfield Asset Management has created a project finance style holding company, Foundry JV Holdco LLC (HoldCo), to enable its investment as part of a joint venture with Intel Corp. HoldCo is issuing $1 billion of 144A notes with a bullet maturity on Jan. 25, 2034.

Did foundry JV Holdco raise $1.1bn?

Foundry JV Holdco, a Brookfield unit backing Intel's US$30bn plan to build semiconductor plants in Arizona, raised US$1.1bn on Wednesday from what is likely to prove the first of many bond deals.

What happens if a JV company is insolvent?

As discussed earlier, per the credit agreement an insolvency of the JV Company, Intel Member, and Intel is a default for the HoldCo's debt. As a result, under our project finance criteria, the JV Company, Intel Member, and Intel would be structural counterparties and cap the rating of the transaction.

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