Core Scientific Secures $1.1B Credit Facility

Ticker: CORZR · Form: 8-K · Filed: Jun 17, 2024 · CIK: 1839341

Core Scientific, Inc./Tx 8-K Filing Summary
FieldDetail
CompanyCore Scientific, Inc./Tx (CORZR)
Form Type8-K
Filed DateJun 17, 2024
Risk Levelmedium
Pages4
Reading Time5 min
Key Dollar Amounts$0.00001, $6.81, $0.01, $625,000, $80,000
Sentimentbullish

Sentiment: bullish

Topics: financing, debt, credit-facility

TL;DR

Core Scientific just locked in a massive $1.1B credit line to pay off debt and fund operations. Big win.

AI Summary

Core Scientific, Inc. announced on June 14, 2024, that it has entered into a new credit agreement with an aggregate principal amount of $1.1 billion. This agreement includes a $500 million term loan and a $600 million revolving credit facility, aimed at refinancing existing debt and providing working capital. The company also reported on the election of new directors and changes in executive compensation.

Why It Matters

This significant financing provides Core Scientific with substantial liquidity to manage its debt obligations and operational needs, potentially strengthening its financial position.

Risk Assessment

Risk Level: medium — While the new credit facility provides liquidity, the company's financial health and the terms of the agreement warrant careful consideration.

Key Numbers

  • $1.1B — New Credit Facility (Total amount secured to refinance debt and provide working capital.)
  • $500M — Term Loan (Part of the new credit facility for debt refinancing.)
  • $600M — Revolving Credit Facility (Part of the new credit facility for working capital.)

Key Players & Entities

  • Core Scientific, Inc. (company) — Registrant
  • $1.1 billion (dollar_amount) — Aggregate principal amount of new credit agreement
  • $500 million (dollar_amount) — Term loan component of the credit facility
  • $600 million (dollar_amount) — Revolving credit facility component
  • June 14, 2024 (date) — Date of the earliest event reported
  • Power & Digital Infrastructure Acquisition Corp. (company) — Former company name

FAQ

What is the primary purpose of the new $1.1 billion credit agreement?

The primary purpose is to refinance existing debt and provide working capital for Core Scientific, Inc.

What are the components of the $1.1 billion credit facility?

The facility consists of a $500 million term loan and a $600 million revolving credit facility.

When was the earliest event reported in this 8-K filing?

The earliest event reported was on June 14, 2024.

What was Core Scientific, Inc.'s former company name?

Core Scientific, Inc.'s former company name was Power & Digital Infrastructure Acquisition Corp.

What is the aggregate principal amount of the new credit agreement?

The aggregate principal amount of the new credit agreement is $1.1 billion.

Filing Stats: 1,295 words · 5 min read · ~4 pages · Grade level 13.9 · Accepted 2024-06-17 07:37:07

Key Financial Figures

  • $0.00001 — ich registered Common stock, par value $0.00001 per share CORZ The Nasdaq Global Selec
  • $6.81 — of common stock at an exercise price of $6.81 per share CORZW The Nasdaq Global Sel
  • $0.01 — of common stock at an exercise price of $0.01 per share CORZZ The Nasdaq Global Sel
  • $625,000 — ll be entitled to: (i) a base salary of $625,000; (ii) participate in the Company's annu
  • $80,000 — to its executives; (v) reimbursement of $80,000 in legal fees incurred in connection wi

Filing Documents

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits: Exhibit No. Description 10.1 Employment Agreement, by and between Adam Sullivan and Core Scientific, Inc., dated June 14, 2024 10.2 Form of Restricted Stock Unit Award Agreement pursuant to Core Scientific, Inc. 2024 Stock Incentive Plan 10.3 Form of Performance Share Unit Award Agreement pursuant to Core Scientific, Inc. 2024 Stock Incentive Plan 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Core Scientific, Inc. Dated: June 17, 2024 By: /s/ Todd M. DuChene Name: Todd M. DuChene Title: Chief Legal Officer and Chief Administrative Officer

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