Core Scientific amends DIP credit agreement; reduces Excess Cash threshold, triggering $5M mandatory prepayment

Core Scientific, Inc./tx

First Amendment to DIP Credit Agreement dated July 4, 2023; reduces Excess Cash threshold to $40M plus $5M less prepetition claim payments.
Anticipates $5.0M mandatory prepayment on or before July 10, 2023 due to threshold reduction.
Amendment permits transfers or payments related to settlements of certain third-party claims.
Obligors represent due authorization, no contravention of laws or Final DIP Order.

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 amended First Amendment to the Replacement DIP Credit Agreement with B. Riley Commercial Capital, LLC, as administrative agent, and the Replacement DIP Lenders (effective 2023-07-04).

Action: amendment
Agreement: credit facility
Counterparty: B. Riley Commercial Capital, LLC, as administrative agent, and the Replacement DIP Lenders
Effective: 2023-07-04

Exact text from the filing

On July 4, 2023, the Debtors, the Administrative Agent and the Replacement DIP Lenders entered into a First Amendment to the Replacement DIP Credit Agreement (the “First Amendment”).

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Core Scientific, Inc./tx filing history →

Source: SEC EDGAR

accession 0001193125-23-182498

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