Hut 8 priced $3.25 billion of senior secured notes due 2042 to finance its River Bend data center project, a move that adds a large, long-dated project financing tied to 245 megawatts of critical IT capacity.
The notes carry a 6.192% annual coupon, payable semiannually starting Nov. 15, 2026, and the first amortization payments begin May 15, 2028. The debt will mature on Nov. 15, 2042 and is structured as fully amortizing.
Proceeds are earmarked for several specific uses: funding development and construction of the River Bend turnkey data center and related substation, reimbursing Hut 8 for part of its prior equity contributions into the project, building debt service reserves, and paying offering fees and expenses.
The financing is being raised through Hut 8 DC LLC, a wholly owned subsidiary, and the notes are secured by first-priority liens on substantially all of that issuer’s assets, plus a pledge of the equity interests in the issuer held by Hut 8 DC Member LLC. The company said the notes are non-recourse to Hut 8 Corp. Following these announcements, the company's shares moved -2.41%, and are now trading at a price of $76.87. Check out the company's full 8-K submission here.
