The facility includes an accordion feature that allows total commitments to increase by up to an additional $500 million, bringing the potential total to $1 billion, subject to customary terms and conditions.
Borrowings under the facility carry interest at the Secured Overnight Financing Rate (SOFR) plus 250 basis points (2.50%).
Funding Expansion of Data Center Infrastructure
Core Scientific said the financing will support its strategy to expand high-density colocation infrastructure and accelerate data center development.
“This strengthens our liquidity and enhances our financial flexibility as we execute our development and go-to-market strategy,” said Adam Sullivan, Chief Executive Officer of Core Scientific. “With this additional financing capacity, we can operate decisively by deploying capital to expedite project ready-for-service timelines, making us an even more compelling infrastructure provider for customers.”
The company expects to use proceeds from the facility, as they are drawn, for general corporate purposes tied to data center expansion. These uses include equipment purchases, pre-development expenses, real estate acquisitions, and costs related to securing additional energy supply agreements for data centers.
Core Scientific focuses on digital infrastructure for ...
