TradingKey – Oracle (ORCL)’s leased Project Jupiter data center in New Mexico is facing new financing pressure. The distribution of an approximately $18 billion syndicated loan associated with the project has stalled, reflecting growing investor concerns over project progress, financing costs, and Oracle’s credit profile.

According to the Financial Times, syndicated banks including Santander and Jefferies are currently offering private quotes of just 89 to 91 cents on the dollar for the loan, corresponding to a market value of roughly $16 billion to $16.4 billion. Compared with healthy debt that typically trades near par, such a significant discount implies that investors are demanding higher risk compensation.

To be clear, this loan is…