$1B letter-of-credit sublimit for development obligations
Company: Hut 8
The claim, verbatim
The facility includes a $1 billion letter-of-credit sublimit within the overall commitment. Hut 8 says letters of credit can support interconnection deposits and obligations to utilities and equipment vendors, which reduces the cash it must post as collateral.
Source (primary)
Hut 8 locks in $1B credit line, but faces 40% liquidity rules - Cryptonews.net (-, news_article)
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Quote: “Hut 8 says letters of credit can support interconnection deposits and obligations to utilities and equipment vendors, reducing the cash it needs to post as collateral. The $1 billion letter-of-credit sublimit is contained within the overall commitment.”
How we checked this
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Additional evidence
confirms Hut 8 locks in $1B credit line, but faces 40% liquidity rules - Cryptonews.net
Quote: “Hut 8 says letters of credit can support interconnection deposits and obligations to utilities and equipment vendors, reducing the cash it needs to post as collateral. The $1 billion letter-of-credit sublimit is contained within the overall commitment.”