Core Scientific enters up to $70M DIP facility from B. Riley; files Dec monthly reports in bankruptcy

Core Scientific, Inc./tx

Commitment Letter for up to $70M super-priority senior secured DIP term loan from B. Riley Commercial Capital.
$35M available after interim order; 10% PIK interest; 3.5% commitment fee; 5% exit fee.
Existing $57.3M DIP facility (with $37.5M drawn) refinanced; maturity Dec 21, 2023, extendable to Mar 21, 2024.
Dec 2022 MOR: parent debtor cash $35.7M, total assets $2.29B, liabilities $694M, net profit $92K (unaudited).
Unsecured creditors committee appointed Jan 9; Debtors operate as debtors-in-possession.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Core Scientific, Inc./tx entered into Commitment Letter with B. Riley Commercial Capital, LLC valued at aggregate principal amount not to exceed $70 million (effective 2023-01-29).

Action: entry
Agreement: credit facility
Counterparty: B. Riley Commercial Capital, LLC
Value: aggregate principal amount not to exceed $70 million
Effective: 2023-01-29

Exact text from the filing

Capitalized terms used but not defined herein have the meanings ascribed to them in that certain Commitment Letter (the “Commitment Letter”) dated as of January 29, 2023, by and between B. Riley Commercial Capital, LLC (the “Replacement DIP Lender”) and the Company.

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Core Scientific, Inc./tx filing history →

Source: SEC EDGAR

accession 0001193125-23-027060

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