CryptoNewsBreaks – Core Scientific, Inc. (NASDAQ: CORZ) Repays $267M in Debt, Increases Cash on Hand on Recent Convertible Notes Issue

August 21, 2024 13:44:32

Core Scientific (NASDAQ: CORZ), a leader in digital infrastructure for bitcoin mining and high-performance computing, has repaid a total of $267 million in debt with proceeds from its recently closed convertible senior notes issue. According to the announcement, the company repaid $150 million in secured notes, $61 million in an exit facility and $56 million in miner equipment loans, in addition to interest and other fees. The repayment reduced interest rates from approximately 12.5% to 3%.

The announcement noted that the convertible notes offering raised net proceeds of $172.8 million after all payments (including commissions and estimated offering expenses), significantly increasing cash on hand to fund site acquisitions for HPC hosting growth and other growth initiatives and strengthen its bitcoin mining business. “Our recent convertible note issue represents another key step in our commitment to strengthen our balance sheet and position Core Scientific for future growth,” said Adam Sullivan, Core Scientific’s CEO.

To view the full press release, visit https://ibn.fm/TkE8N

About Core Scientific, Inc.

Core Scientific is a leader in digital infrastructure for bitcoin mining and high-performance computing. The company operates dedicated, purpose-built facilities for digital asset mining and is a premier provider of digital infrastructure, software solutions and services to its third-party customers. Core Scientific employs its own large fleet of computers (“miners”) to earn bitcoin for its own account and provide hosting services for large bitcoin mining and high-performance computing customers at its eight operational data centers in Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1) and Texas (3). The company derives the majority of its revenue from earning bitcoin for its own account (“self-mining”). For more information about the company, visit www.corescientific.com.

About CryptoCurrencyWire

CryptoCurrencyWire (“CCW”) is a specialized communications platform with a focus on blockchain and the cryptocurrency sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled recognition and brand awareness. CCW is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from CryptoCurrencyWire, text “CRYPTO” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CryptoCurrencyWire.com

Please see full terms of use and disclaimers on the CryptoCurrencyWire website applicable to all content provided by CCW, wherever published or re-published: https://www.CryptoCurrencyWire.com/Disclaimer

CryptoCurrencyWire
New York, NY
www.CryptoCurrencyWire.com
212.994.9818 Office
[email protected]

CryptoCurrencyWire is powered by IBN