Technology & Telecom Weekly

研报英文原文证据摘录

Technology & Telecom Weekly

J P M O R G A N North America Credit Research

29 June 2026

RAX, TTMI, ACOM, ESTC, PBI, ZIP, ON, YNDRDC,

APLD, SBAC, CCOI, SOFTBK, SFRFP, and Trade Idea

Tech remained topical as ever over the last few weeks. HPC deal flow continued, North America Corporate Credit -

with DBRG/La Caisse-backed YNDRDC pricing project finance bonds to fund Technology and Telecommunication

data center construction. Additionally, APLD signed an ESA with a local utility to Services (HY)

support a site in the pipeline, suggesting more deal flow is yet to come. Outside Thomas Egan, CFA AC

HPC, M&A picked up with TTMI returning to its acquirer ways with the purchase (1-212) 270-2149

of two European businesses and ON agreeing to buy SYNA in an all-stock deal to thomas.j.egan@jpmorgan.com

expand its presence in physical AI applications. Companies also looked to manage Natalie Bilyew-Conn

balance sheets, with ACOM reportedly engaging creditors in refi talks for its 2027 (1-212) 270-7734

natalie.bilyew-conn@jpmorgan.com

TL, PBI redeemed all of its 2027 senior notes with upsized TLA proceeds, and ZIP J.P. Morgan Securities LLC

used cash on the balance sheet to repurchase a little over half of its outstanding debt

in the open market. In miscellaneous tech news, RAX formalized its agreement

with AMD, and both RAX and ESTC committed to workforce reductions to focus

the businesses on AI-related business initiatives. Meanwhile, in telecom, SBAC

bonds officially went IG, CCOI formalized secured creditor consents, paving the

way for a refi of its 2027 notes, and SOFTBK began premarketing financing to fund

its ABB robotics division acquisition, and its significant investment OAI

reportedly considered delaying its IPO to 2027. Overseas, SFR continued its sale