Core Scientific (CORZ) Thursday said that it completed the initial closing of a $500 million 364-day loan facility provided by Morgan Stanley (MS).
The facility includes an accordion feature that provides the potential to increase total commitments by up to an additional $500 million, for total commitments of up to $1 billion, subject to customary terms and conditions. Borrowings under the facility bear interest at a rate of Secured Overnight Financing Rate plus 250 basis points (2.50%).
Core Scientific (CORZ) plans to use proceeds from the facility for general corporate purposes tied to data center development, including equipment, property, pre-development, and energy procurement costs.
