TeraWulf JV subsidiary issues $1.3B of 7.250% Senior Secured Notes due 2030 for HPC campus

TERAWULF INC.

Flash Compute LLC issued $1.3B aggregate principal amount of 7.250% notes at 100% of par; semi-annual interest, maturity Dec 31, 2030.
Proceeds will fund construction of the Abernathy HPC Campus in Texas, plus $75M cash collateral for a letter of credit and fees.
JV Partners Holdco (50.1% owned by TeraWulf subsidiary) provides a capped $100M completion guarantee for the campus construction.
Notes are senior secured obligations of Flash Compute; amortization begins after campus completion, with optional redemption starting Dec 31, 2027.
Indenture includes limits on additional debt, dividends, investments, and asset sales; change of control triggers repurchase at 101%.

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