Austin, Thursday, August 29, 2024 – Core Scientific said it had reduced its debt by $267 through recent convertible senior notes offering.
The repayment includes $150 million in secured notes, $61 million from an exit facility, and $56 million in equipment loans.
This move significantly lowers the company’s interest rate from up to 12.5% on previous loans to 3% on the new convertible notes.
The company’s $400 million offering, which was upsized from the initial $350 million, was announced and priced on August 13-14, 2024.
The notes are due in 2029.
After repaying the debt and covering associated costs, Core Scientific added $172.8 million in cash to its balance sheet.
These funds will support the expansion of its high-performance computing (HPC) hosting services and site acquisitions.
