Other DebtActive
Loan and Security Agreement
ANGX-TL30
$3.03▼ 3.81%
BTC Holdings
303.1 BTC
Total Debt
$67.53M
Leverage
117.7%
mNAV
23.20x
Outstanding
$60.00M
Issue date
2025-09-08
Principal
$100.00M
Coupon
13.50%
Maturity
2030-10-01
Conversion price
—
- $100M facility with 4 delayed-draw tranches: $40M (funded Sep 2025), $20M (drawn Feb 2026), $20M (available by Dec 2026), $20M (available by Jun 2027)
- First 26 months interest-only, then principal + interest
- Warrants: 1,462,682 shares at $7.29/share, vesting proportionally with tranche draws
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior secured
- Facility type
- Term loan
- Payment frequency
- Monthly
- Rate type
- Floating
- Rate reference
- Prime + 600 bps, floor 13.5%
- Collateral
- Substantially all company assets + BTC holdings in controlled account
- Covenants
- Minimum liquidity level; restrictions on mergers, asset sales, and secured borrowings
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding |
|---|---|---|
| 2026-02-01 | Draw | $60.00M Second tranche of $20M drawn |
| 2025-09-08 | Draw | $40.00M First tranche of $100M facility |
- 2026-02-01 — $60,000,000Note 9 — Debt
- 2025-09-08 — $40,000,000