Other DebtExpired
Macquarie $300M Project Financing Facility
KEEL-MQ
$3.25â–˛ 5.18%
BTC Holdings
2,060 BTC
Total Debt
$588.00M
Leverage
303.0%
mNAV
11.85x
Outstanding
$0.00
Issue date
2025-04-02
Principal
$300.00M
Coupon
8.00%
Maturity
2027-04-02
Conversion price
—
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Secured
- Facility type
- Term loan
- Payment frequency
- Monthly
- Rate type
- Fixed
- Collateral
- First priority lien on all US and Canadian assets (initial tranche); project-level security on second tranche
- Covenants
- Restricted cash balance of at least $50M in a designated account; restrictions on dispositions, dividends, incurrence of debt and liens, material changes in nature of business activities, related-party transactions, and investments
- Prepayment
- Minimum base return of 25%, reducible to 9% if principal repaid before end of term
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding |
|---|---|---|
| 2026-02-06 | Repayment | $0.00 Full repayment of $100M outstanding |
| 2025-10-10 | Draw | $100.00M Additional $50M draw after conversion to project financing |
| 2025-04-02 | Draw | $50.00M Initial $50M draw at parent level |
- 2026-02-06 — $0
- 2025-10-10 — $100,000,000
- 2025-04-02 — $50,000,000