Morgan Stanley (MS) is leading a consortium of banks planning to refinance through bond sales $15 billion of debt linked to a Google-backed data center in Texas that has been leased to Anthropic, the Financial Times reported Wednesday.

The group is planning to refinance the debt it committed to the 2,000-acre data center campus that is being built in Hubbard, Texas, as soon as the loans are drawn, the FT reported, citing people familiar with the matter.

The $15 billion debt deal was expected to be divided into multiple bond sales, the FT reported, adding that the bank loan has a feature that allows the project's developer, Nexus Data Centers, to withdraw the debt over a period of time upon meeting construction milestones.

Part of the debt could also be refinanced in the leveraged-loan market, according to the report.

Morgan Stanley, Google, Anthropic, and Nexus Data Centers did not immediately respond to requests for comment from MT Newswires.

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