(Reuters) -Oracle is looking to raise $15 billion in corporate bond sales, Bloomberg News reported on Wednesday, citing people familiar with the matter, as the company looks to invest heavily in building out cloud infrastructure to cater to burgeoning AI demand.

Oracle, whose shares slipped nearly 2% on the news, did not immediately respond to a Reuters request for comment.

The development comes as Oracle ramps up spending to deliver cloud infrastructure contracts with the likes of OpenAI, deals that are expected to significantly lift its capital expenditures.

The cloud infrastructure and software maker is selling debt in as many as seven parts, but did not disclose a size in a regulatory filing on Wednesday.

Proceeds from the bond sales could be used for general corporate purposes, which may include stock repurchases, repayment of debt and acquisitions, the company said.