← Core Scientific · FinancingEdit
Letter of credit facility
Aug 25, 2026 · ClosedTerms of issuance
Instrument
Other
Principal
$500.0M
Net proceeds
Issue date
Aug 25, 2026
Maturity
Aug 25, 2029 (3.0 years)
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)
321,340,441
Stock price / market cap (as of issue date)
$18 · $5.86 mkt cap
Use of proceeds
Revolver: general corporate purposes and working capital; letters of credit: credit support for specific project obligations under utility agreements and other general corporate purposes
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), 7.750% Senior Secured Notes due 2031 (Core Scientific Finance I LLC) ($3.30B), AMD warrant, up to 30M shares at $23.47 (12,222 shares per MW leased; ~6.5M vested on 377 MW)
— of which existing debt
$5.38B
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 secures $600 million senior secured credit facilities
Aug 25, 2026