Replacement DIP Facility with B. Riley Commercial Capital
Company: Core Scientific
What the later record shows
Delivered on time · happened March 1, 2023
Later filings say both $35 million tranches of the $70 million Replacement DIP Facility were made available at 10% PIK interest. The second tranche followed final court approval on March 1, 2023, well before the stated maturity.
“Loans under the Replacement DIP Facility bore an interest at a rate of 10%, which was payable in kind in arrears on the first day of each calendar month.”
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
Non-amortizing super-priority senior secured term loan facility with aggregate principal amount not to exceed $70 million, with $35 million available following interim bankruptcy court approval and up to $35 million available following final court approval. Interest rate of 10% payable in kind monthly. Upfront commitment fee of 3.5% of aggregate commitments payable in kind. Exit fees of 5% of DIP loans being repaid, reduced, or satisfied. Maturity December 21, 2023, extendable to March 21, 2024.
Source (primary)
Core Scientific 8-K filed 2023-02-07 (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 available following Bankruptcy Court approval pursuant to the Replacement Interim DIP Order and (ii) up to $35 million will be available following Bankruptcy Court approval on a final basis (the 'Final DIP Order'). DIP Loans under the Replacement DIP Facility will bear interest at a rate of 10% which will be payable in kind in arrears on the first day of each month. The Replacement DIP Lender will receive an upfront commitment fee equal to 3.5% of the aggregate commitments under the Replacement DIP Facility, payable in kind, and exit fees equal to 5% of the amount of the DIP Loans being repaid, reduced or satisfied. The maturity date of the Replacement DIP Facility is December 21, 2023, which can be extended, under certain conditions, by an additional three months to March 21, 2024.”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
Core Scientific's February 7, 2023 Form 8-K states every term in the claim: the lender, facility type, $70 million cap and its $35 million tranches, 10% PIK interest, 3.5% commitment fee, 5% exit fee, and the December 21, 2023 maturity extendable to March 21, 2024.
Confirmed in the source:
- The Replacement DIP Facility was provided under a commitment letter with B. Riley Commercial Capital, LLC as the Replacement DIP Lender
- The facility is a non-amortizing super-priority senior secured term loan facility
- The aggregate principal amount is not to exceed $70 million
- $35 million was available following interim Bankruptcy Court approval
- Up to $35 million will be available following final Bankruptcy Court approval
- DIP loans bear interest at 10%, payable in kind in arrears on the first day of each month
- The lender receives an upfront commitment fee of 3.5% of aggregate commitments, payable in kind
- Exit fees equal 5% of the amount of DIP loans being repaid, reduced or satisfied
- The maturity date is December 21, 2023, extendable under certain conditions by three months to March 21, 2024
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1839341/000119312523027060/d459491d8k.htm) in full (15,815 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Core Scientific 8-K filed 2023-02-07
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 available following Bankruptcy Court approval pursuant to the Replacement Interim DIP Order and (ii) up to $35 million will be available following Bankruptcy Court approval on a final basis (the 'Final DIP Order'). DIP Loans under the Replacement DIP Facility will bear interest at a rate of 10% which will be payable in kind in arrears on the first day of each month. The Replacement DIP Lender will receive an upfront commitment fee equal to 3.5% of the aggregate commitments under the Replacement DIP Facility, payable in kind, and exit fees equal to 5% of the amount of the DIP Loans being repaid, reduced or satisfied. The maturity date of the Replacement DIP Facility is December 21, 2023, which can be extended, under certain conditions, by an additional three months to March 21, 2024.”
confirms Core Scientific 424B3 filed 2024-05-06
Quote: “Loans under the Replacement DIP Facility bore an interest at a rate of 10%, which was payable in kind in arrears on the first day of each calendar month.”
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”