Core Scientific (NASDAQ: CORZ), a leader in digital infrastructure for bitcoin mining and high-performance computing, has repaid a total of $267 million in debt with proceeds from its recently closed convertible senior notes issue. According to the announcement, the company repaid $150 million in secured notes, $61 million in an exit facility and $56 million in miner equipment loans, in addition to interest and other fees. The repayment reduced interest rates from approximately 12.5% to 3%.
The announcement noted that the convertible notes offering raised net proceeds of $172.8 million after all payments (including commissions and estimated offering expenses), significantly increasing cash on hand to fund site acquisitions for HPC hosting growth and other growth initiatives and strengthen its bitcoin mining business. “Our recent convertible note issue represents another key step in our commitment to strengthen our balance sheet and position Core Scientific for future growth,” said Adam Sullivan, Core Scientific’s CEO.
To view the full press release, visit https://ibn.fm/TkE8N
About Core Scientific, Inc.
Core Scientific is a leader in digital infrastructure for bitcoin mining and high-performance computing. The company operates dedicated, purpose-built facilities for digital asset mining and is a premier provider of digital infrastructure, software solutions and services to its third-party customers. Core Scientific employs its own large fleet of computers (“miners”) to earn bitcoin for its own account and provide hosting services for large bitcoin mining and high-performance computing customers at its eight operational data centers in Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1) and Texas (3). The company derives the majority of its revenue from earning bitcoin for its own account (“self-mining”). For more information about the company, visit www.corescientific.com.
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