Core Scientific secures $600M credit facilities; CFO says ~$300M restricted cash to be released

Core Scientific, Inc./tx

Entered $600M committed senior secured facilities: $100M revolver + $500M letter of credit; nothing drawn at closing.
Revolver priced at SOFR + 1.75% or base rate + 0.75%, 3-yr maturity (4-yr at Company election); L/C fee 1.75% + 0.125% fronting.
CFO Jim Nygaard: facilities expected to release ~$300M of restricted cash, improving capital efficiency and flexibility.
Covenants include minimum quarterly liquidity of $150M and $3.0B market-cap condition per borrowing; secured by first-priority lien on substantially all assets.
JPMorgan is administrative agent; Morgan Stanley, JPMorgan, Goldman Sachs, TD Securities as joint lead arrangers/bookrunners.

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