Replacement DIP Facility from B. Riley Commercial Capital
Company: Core Scientific
What the later record shows
Delivered on time · happened March 1, 2023
Filings confirm the $70 million Replacement DIP Facility was provided in two $35 million tranches with 10% PIK interest. The final tranche became available on court approval on March 1, 2023.
“Under the Replacement DIP Facility, (i) $35 million was made available following Bankruptcy Court approval of the Replacement Interim DIP Order and (ii) $35 million was made available following Bankruptcy Court approval of the Final DIP Order.”
2024-05-05 · Core Scientific 424B3 filed 2024-05-06 View cached copy (2026-08-31)Live source ↗
“(ii) $ 35 million was made available following Bankruptcy Court approval of the final debtor-in-possession order on March 1, 2023”
2024-08-06 · Core Scientific 10-Q filed 2024-08-07 View cached copy (2026-08-31)Live source ↗
Checked October 10, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Senior Secured Super-Priority Replacement Debtor-in-Possession Loan Facility of up to $70 million ($35 million available February 2023, $35 million available March 2023) with 10% interest payable in kind, maturing December 22, 2023 (extendable to March 22, 2024)
Source (primary)
Core Scientific 10-K filed 2023-04-04 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “The Replacement DIP Facility, among other things, provides for a non-amortizing super-priority senior secured term loan facility in an aggregate principal amount not to exceed $70 million. Under the Replacement DIP Facility, (i) $35 million was made available following Bankruptcy Court approval of the Interim DIP Order and (ii) $35 million was made available following Bankruptcy Court approval of the Final DIP Order. Loans under the Replacement DIP Facility will bear interest at a rate of 10%, which will be payable in kind. The maturity date of the Replacement DIP Credit Agreement is December 22, 2023, which can be extended, under certain conditions, by an additional three months to March 22, 2024.”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
The 10-K states the $70 million size, the two $35 million tranches tied to the February 2 interim and March 1 final court orders, the 10% paid-in-kind interest, and the maturity and extension dates. It names B. Riley Commercial Capital as administrative agent.
Confirmed in the source:
- The Replacement DIP Facility is a senior secured super-priority debtor-in-possession term loan facility of up to $70 million
- $35 million was made available after the Bankruptcy Court's interim DIP order, entered February 2, 2023
- $35 million was made available after the Bankruptcy Court's final DIP order, entered March 1, 2023
- Loans bear interest at 10%, payable in kind
- The facility matures December 22, 2023, extendable under certain conditions to March 22, 2024
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1839341/000162828023010454/core-20221231.htm) in full (860,799 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Core Scientific 10-K filed 2023-04-04
Quote: “The Replacement DIP Facility, among other things, provides for a non-amortizing super-priority senior secured term loan facility in an aggregate principal amount not to exceed $70 million. Under the Replacement DIP Facility, (i) $35 million was made available following Bankruptcy Court approval of the Interim DIP Order and (ii) $35 million was made available following Bankruptcy Court approval of the Final DIP Order. Loans under the Replacement DIP Facility will bear interest at a rate of 10%, which will be payable in kind. The maturity date of the Replacement DIP Credit Agreement is December 22, 2023, which can be extended, under certain conditions, by an additional three months to March 22, 2024.”
confirms Core Scientific 424B3 filed 2024-05-06
Quote: “Under the Replacement DIP Facility, (i) $35 million was made available following Bankruptcy Court approval of the Replacement Interim DIP Order and (ii) $35 million was made available following Bankruptcy Court approval of the Final DIP Order.”
confirms Core Scientific 10-Q filed 2024-08-07
Quote: “(ii) $ 35 million was made available following Bankruptcy Court approval of the final debtor-in-possession order on March 1, 2023”