Core Scientific signs $600M senior secured facilities, expects to free ~$300M restricted cash
$100M revolver (three-year, SOFR+1.75% or ABR+0.75%) plus $500M letter-of-credit facility (1.75% annual fee, 0.125% fronting). L/Cs may support utility-agreement credit support. First-lien on substantially all assets. Morgan Stanley lead-left; JPMorgan admin agent; Goldman Sachs and TD joint. 8-K flags minimum liquidity $150M and a $3.0B market-cap condition on revolver draws.
Why it matters
Working-capital and utility-LC machinery, not project bonds for a new hall. Releasing restricted cash is the economic event.
Companies
- CORZ
Risks
- Secured and covenanted.
- Does not add MW or a customer.
- Texas expansions remain inside ERCOT verification if they still need energization approval.