Pacific Investment Management Co. is in talks with Bank of America to provide roughly $14 billion of debt financing for Oracle's massive data center in Michigan, according to people familiar with the matter. The deal would make the bond giant a key backer of the campus in Saline Township, where Oracle plans to power applications for OpenAI.

Bank of America has spent months assembling financing for Related Digital, the developer behind the project. Blackstone Inc. is also planning to contribute an additional $2 billion of equity. The financing could be structured as a bond or in a so-called 144A format, privately placed debt securities that can be traded among institutional buyers.

The talks with Pimco mark another twist in the long-running effort to secure funding for a project attracting intense scrutiny from Wall Street and locals. For Pimco, this would be its second jumbo financing for a data center within the past year, following its $18 billion debt deal for Meta Platforms' Hyperion data center site in Louisiana, where the firm held $18 billion of the debt when it priced and scored a $2 billion paper profit.