Nvidia-Backed Cloud Operator Nebius Raises $1 Billion in Debt

Nebius Group NV, the technology company spun out from Russian internet giant Yandex, has raised $1 billion in convertible debt to help fuel its expansion into next year.

The notes are in two tranches: $500 million in convertible notes due in 2029 and $500 million due in 2031, the company said in a statement on Monday. The notes will convert into equity on the basis of the original, principal amount of the debt.