CORZZ · Core Scientific, Inc.

Core Scientific Finance I LLC, a wholly-owned indirect subsidiary, closed a landmark $3.3 billion private offering of senior secured notes, marking a significant refinancing event. Issued at a slight discount (99.250%), the notes provide approximately $3.24 billion in net proceeds after fees, directly funding a debt service reserve and enabling full repayment of the $1 billion delayed-draw bridge facility originated in March 2026. This extinguishes short-term bridge debt, replacing it with longer-term 2031 maturity at 7.75% fixed rate. The structure features aggressive 11.50% annual principal amortization paid semi-annually, reducing leverage over time, with deferral possible upon datacenter lease terminations. Security is robust: first-priority liens on all subsidiary assets, parent-held equity, and ringfenced parent collateral, plus Core Scientific's uncapped completion guarantee for key datacenter projects in Georgia, Texas, North Carolina, and Oklahoma (excluding Austin). Covenants are tight, restricting dividends, new debt, liens, and asset sales to protect noteholders, though Core Scientific and non-issuer subsidiaries remain unencumbered. Redemption flexibility includes make-whole premiums early and change-of-control buyback at 101%, balancing issuer optionality with investor protection. This refinancing strengthens the capital structure for datacenter expansion while imposing project-specific discipline.