Senior Secured Revolving Credit Facility
- Seniority
- Senior secured (parent)
- Maturity
- 2030-05-07 — Initial maturity 2030-05-07 (fourth anniversary); springs to 91 days before the 2.75% 2030 converts' maturity if they remain outstanding then.
- Collateral
- Substantially all Company assets; minimum-liquidity covenant. Context (8-K 2026-07-06): sub Raylan Data signed a 20-yr ~401 MW Hawesville lease with Anthropic (press ~$19B; payments ‘expected to be supported by an investment-grade credit’) — lessor-side offtake, tracked for the financing it will support, not as a ledger row; same 8-K: sold the 50.1% stake in Fluidstack JV FS CS I (Abernathy, TX — 168 MW; distinct campus and financing from the Meridian Arc/Indiana structure) to Fluidstack-led purchasers for ~$530M in three installments. Watch: Abernathy project debt ($1.3B of Fluidstack lease obligations Google-backstopped per Oct-2025 8-K) has not publicly priced — a future row when it does. Update (2026-07-20, per KBW): the investment-grade credit backstop for Anthropic's Hawesville payments is not yet finalized — Anthropic has not selected hardware (NVIDIA GPU vs AWS Trainium vs Google TPU) and the backstop provider is expected to follow that choice (decision expected within ~4 months). TeraWulf is reported (Bloomberg) to plan a ~$3.5B debt raise for the campus; if it prices before hardware is chosen, or if Anthropic selects TPUs/Trainium, the financing would fall outside strict GPU-collateral scope (same basis as the excluded Meta campus SPVs).
- Lenders
- MS Senior Funding (admin/collateral)
- Pricing
- SOFR + 1.75% until the first CB-4/CB-5 commencement, then a 1.25-1.75% grid on consolidated total debt to market capitalization (breakpoints 0.30x and 0.60x); 0.00% floor; 0.50% commitment fee; default rate +2%
- Terms
- $250M commitments; draws undisclosed. Availability capped at $75M until lease cashflows commence at the first of the CB-4 and CB-5 projects. $150M letter-of-credit sublimit inside the facility; no accordion. Liquidity covenant $100M before that first commencement and $150M after, quarterly-tested, counting at most $50M of undrawn revolver; the equity cure is capped at five uses over the term with at least two clean quarters in any four. Designated project entities (the Google-backstopped CB-4/CB-5 and Abernathy structures among them) are carved out of the guarantees while their own debt documents bar them. Joint lead arrangers: Santander, BofA, Citi, Citizens, SMBC, TD, Wells Fargo.
Source: Q1-26 10-Q Note 18; credit agreement filed as EX-10.33 to the same 10-Q, acc 0001083301-26-000092 · document