Core Scientific Secures $600 Million Revolver and L/C Facilities from JPMorgan

Core Scientific, Inc., a leading technology company in the field of data center development and digital asset mining, has secured a significant credit facility from JPMorgan Chase Bank. The agreement provides a $100 million senior secured revolving credit facility and a $500 million letter of credit facility, totaling $600 million. This new financing arrangement will enable Core Scientific to enhance its liquidity and provide credit support for ongoing projects.

The facilities have a three-year maturity, with an option to extend to four years at the company's discretion. Borrowings are priced at Adjusted Term SOFR plus 1.75% or an alternate base rate plus 0.75%, accompanied by customary fees on letters of credit and unused commitments. The agreement includes a minimum $150 million liquidity covenant and a market cap condition for borrowings, underscoring the importance of maintaining financial stability.

The facilities are secured by first-priority liens on Core Scientific's assets, guaranteed by material domestic subsidiaries. This comprehensive approach to securing the credit facility demonstrates JPMorgan Chase Bank's confidence in the company's prospects and financial standing.