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Home Crypto

BlackRock grants $17 million loan to bankrupt miner Core Scientific

Nicholas by Nicholas
January 2, 2023
in Crypto
0
BlackRock grants  million loan to bankrupt miner Core Scientific

Core Scientific, which owns 10% of the global Bitcoin (BTC) mining hashrate, recently filed for Chapter 11 bankruptcy in the United States. Also, BlackRock, alongside other investors, will pay aid of several tens of millions of dollars to the miner in difficulty in the form of convertible notes.

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BlackRock accorde un prĂŞt de 17 millions de dollars au mineur en faillite Core Scientific

BlackRock to the rescue

Via a document filed on December 22, 2022 with the SEC by BlackRockwe learn that the investment giant, alongside other companies, will provide financial loan to bankrupt miner Core Scientific.

Thus, BlackRock would have reached an agreement with various holders of convertible notes in order to pay a $75 million loan to Core Scientific so that the company can continue to operate during its bankruptcy proceedings.

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Indeed, Core Scientific, which owns 10% of the hashrate global Bitcoin (BTC) mining company, recently filed for U.S. Chapter 11 bankruptcy protection as the company was no longer able to afford the financial cost of its various facilities and equipment of mining.

According to CoinDesk, BlackRock is currently the main shareholder of Core Scientificwith $37.9 million in convertible notes as of December 28, 2022. This new loan, which totals $75 million from various investors, sees BlackRock participate for $17 million.

The planned $75 million in assistance will be paid on 2 separate dates in the form of DIP financing, and will allow lenders, in return, to obtain shares in the future, in the same way as when issuing convertible notes classics. Otherwise, this loan includes an interest rate of 10% payable in kindaccording to the document.

In addition, regarding the duration of the latter, the maturity of the financing is set for June 21, 2023 with a possibility of extension to September 21.

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Source: SEC filing

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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.

Maximilien Prue

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