Replacement DIP Facility with B. Riley Commercial Capital
Company: Core Scientific
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
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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.”