← Terawulf · FinancingEdit
364-day $500 million delayed-draw senior secured bridge facility
Mar 13, 2026 · ClosedTerms of issuance
Instrument
Term loan / DDTL
Principal
$500.0M
Net proceeds
Drawn (of commitment)
$0 as of Apr 16, 2026
Coupon
Term SOFR + 275 bps
Issue date
Mar 13, 2026
Maturity
Seniority
Conversion ratio
n/a
Settlement
n/a
Economic analysis
Effective annual cost
n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost
Interest savings vs. plain debt
n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate
Implied option value / volatility
n/anot shown — would require an assumed volatility input, which we do not fabricate
Breakeven
n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate
Context
Shares outstanding (as of issue date)
424,068,125
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Finance the construction and development of the company's data center facility in Hawesville, KY
Other financing outstanding (excl. this instrument)
2.75% Convertible Senior Notes due 2030 ($500.0M), 1.00% Convertible Senior Notes due 2031 ($1.00B), 7.750% Senior Secured Notes due 2030 (WULF Compute LLC) ($3.20B), 0.00% Convertible Senior Notes due 2032 ($1.02B), 7.250% Senior Secured Notes due 2030 — Abernathy JV (Flash Compute LLC) ($1.30B), Public offering of 54,510,000 common shares at $19.00 per share (including 7,110,000 option shares), Revolving Credit Facility ($250.0M), Amended senior secured revolving credit facility ($400.0M)
— of which existing debt
$7.67B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
n/a
Related acquisition
none
Related deal
Related site
Sources
ClosedTeraWulf enters $500 million delayed-draw bridge facility for Hawesville
Mar 13, 2026