Core Scientific (CORZ) announced that it completed the initial closing of a $500M 364-day loan facility provided by Morgan Stanley (MS). “This strengthens our liquidity and enhances our financial flexibility as we execute our development and go-to-market strategy,” said Adam Sullivan, CEO of Core Scientific. The facility includes an accordion feature that provides the potential to increase total commitments by up to an additional $500M, for total commitments of up to $1B, subject to customary terms and conditions. Borrowings under the facility bear interest at a rate of secured overnight financing rate plus 250 basis points.
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