# Volta reported sale and discount arithmetic

Research update reviewed October 26, 2026. Bloomberg's report is timestamped October 15 at 23:25:56 UTC; Yahoo's localized headline displayed October 16. The reported sale was Thursday, October 15. The full public article was read in the browser after expanding Story Continues. No paywall was bypassed.

The 650bp margin and 95 price are recorded at the offering level. Rounded tranche amounts are not final precise allocation or price confirmation for each tranche. Sale reporting is meaningful progress beyond marketing, but is not evidence of first funding, restricted balances or usable borrower cash.

## Reproduce the illustration

Save evidence.json, discount.mjs and verify.mjs together. Run `node discount.mjs --write`, then `node verify.mjs`. The figure generator can emit SVG without dependencies; `--png` requires Sharp, optionally located through AIC_SHARP_MODULE.

At price P per 100 face, cash equals face × P / 100. To raise target cash C, required face equals C × 100 / P. The model assumes the borrower bears the entire discount, with no fees or restricted proceeds. It is not an annual interest rate, a yield or Volta's cash allocation. The original report's separate underwriter-borne and fee-offset examples remain relevant.

Do not multiply the approximate $5bn report by 95 and present the result as actual usable cash. The discount bearer, exact tranche allocation, funding dates, retained balances and transaction costs are unresolved.

## Keep rating descriptions separate

Semafor's October 13 report names an Anthropic investment-grade condition and a decrease. Bloomberg's later report names Volta and unspecified ratings, without stating the direction. These cannot be converted into one confirmed clause, a confirmed replacement, or two independently verified ratchets. Earlier marketing call protection also cannot be carried forward as executed terms merely because the newer report mentions an early-repayment penalty.

Preserve source dates, attributed-reporting status and nulls when reusing the figures or JSON. Original figures/calculations may be reused with attribution to AI Infra Credit and the source-linked report.