7.750% Senior Secured Notes due 2031 (Core Scientific Finance I LLC)

May 6, 2026 · Closed

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Terms of issuance

Instrument

Secured notes

Principal

$3.30B

Net proceeds

$3.24B

Coupon

7.75%

Issue date

May 6, 2026

Maturity

2031

Seniority

missing — add on communication

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)

317,885,292

Stock price / market cap (as of issue date)

n/ano price on or before the issue date

Use of proceeds

Fund debt-service reserve account; distribution to parent to repay the $1.0B Term Loan Facility in full

Other financing outstanding (excl. this instrument)

Tranche 1 Warrants (emergence), 96.4M unexercised at 30 June 2026, 3.00% Convertible Senior Notes due 2029 ($460.0M), 0.00% Convertible Senior Notes due 2031 ($625.0M), Senior secured term loan facility ($1.00B), AMD warrant, up to 30M shares at $23.47 (12,222 shares per MW leased; ~6.5M vested on 377 MW), Letter of credit facility ($500.0M), Senior secured revolving credit facility ($100.0M)

— of which existing debt

$2.69B

Existing cash

n/anot tracked in the system yet

Anti-dilution adjustment terms

n/a

Related acquisition

none

Related deal

none

Related site

none

Sources

ClosedCore Scientific closes $3.3 billion of 7.750% senior secured notes due 2031

May 6, 2026