Core Scientific Enters Into $600 Mln Of Committed Senior Secured Credit Facilities
(RTTNews) - Core Scientific, Inc. (CORZ) has entered into $600 million of committed senior secured credit facilities, consisting of a $100 million revolving credit facility and $500 million letter of credit facility. The proceeds of borrowings under the revolving credit facility may be used for general corporate purposes and working capital needs.
Jim Nygaard, CFO of Core Scientific, said: "The facilities are expected to release approximately $300 million of restricted cash, meaningfully improving our capital efficiency and financial flexibility as we pursue opportunities in a dynamic and rapidly evolving industry."
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