Waymo is close to agreeing its first ever debt raise, of more than $3 billion. Pacific Investment Management Co. is among the lenders. Blackstone and Sixth Street Partners are also providing part of the loan. Waymo is the self-driving unit of Alphabet. The loan would be unrated, meaning no credit agency has graded it. It could price at more than 500 basis points above the benchmark rate. Waymo is seeking to become the largest robotaxi operator worldwide. Talks are in their final stages and terms are not final. The details come from people with knowledge of the transaction who asked not to be named.

• more than $3 billion in debt
• over 500 basis points over benchmark