CoreWeave lease restructuring and credit enhancements
Company: Applied Digital
The claim, verbatim
Entered into agreements with CoreWeave to enhance credit quality of 100 MW and 150 MW data center leases at Polaris Forge 1, including CoreWeave posting $50 million letter of credit and unconditional springing guarantees
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
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Quote: “Entered into agreements with CoreWeave intended to enhance the credit quality of the tenants under the 100 MW (ELN-02) and 150 MW (ELN-03) data center leases at the Polaris Forge 1 campus in Ellendale, North Dakota. As part of CoreWeave's refinancing of related debt obligations, which received an investment-grade A3 rating (compared to CoreWeave Inc.'s BB rating), the Company restructured its leases with CoreWeave through a creditworthy CoreWeave SPV subsidiary, receiving unconditional springing guarantees from CoreWeave, Inc., guaranteeing CoreWeave's SPV's obligations under the restructured leases, and CoreWeave, Inc. posting a $50 million letter of credit securing the ELN-02 lease.”
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Additional evidence
confirms Earnings Release
Quote: “Entered into agreements with CoreWeave intended to enhance the credit quality of the tenants under the 100 MW (ELN-02) and 150 MW (ELN-03) data center leases at the Polaris Forge 1 campus in Ellendale, North Dakota. As part of CoreWeave's refinancing of related debt obligations, which received an investment-grade A3 rating (compared to CoreWeave Inc.'s BB rating), the Company restructured its leases with CoreWeave through a creditworthy CoreWeave SPV subsidiary, receiving unconditional springing guarantees from CoreWeave, Inc., guaranteeing CoreWeave's SPV's obligations under the restructured leases, and CoreWeave, Inc. posting a $50 million letter of credit securing the ELN-02 lease.”