Other DebtActive
JGB Senior Secured Loan
AIBZ-Jun28
$5.61▼ 13.56%
BTC Holdings
58.93 BTC
Total Debt
$28.17M
Leverage
690.4%
mNAV
79.86x
Outstanding
$24.11M
Issue date
2025-06-27
Principal
$25.51M
Coupon
14.00%
Maturity
2028-06-27
Conversion price
$4
ITM Status
ITM (+40.3%)
- US$10,245,000 of principal is convertible at each lender's option into common shares at US$4.00/share (post-consolidation), equal to 2,561,250 shares.
Analytics
ITM History
Stock price vs conversion price ($4)ITM +40.3%
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior secured (first lien)
- Facility type
- Term loan
- Payment frequency
- Monthly
- Rate type
- Floating
- Rate reference
- Greater of Term SOFR + 11% per annum or 14% per annum (floor)
- Collateral
- Blanket first-priority lien on substantially all assets; first-priority pledges of Exanorth AS and Zetanorth AS equity; mortgages over Norway and North Dakota real estate
- Covenants
- Minimum cash US$2.0M; minimum trailing-3-month EBITDA US$0.75M rising to US$0.9M; minimum trailing-3-month consolidated revenue US$3.0M rising to US$3.63M
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding |
|---|---|---|
| 2026-03-31 | Repayment | $24.11M |
| 2025-11-24 | Draw | $25.51M |
| 2025-08-01 | Issuance | $17.51M |
| 2025-06-27 | Issuance | $25.51M |
- 2026-03-31 — $24,110,000Note 21(c)
- 2025-11-24 — $25,510,000Note 21(c)
- 2025-08-01 — $17,510,000Note 21(c)
- 2025-06-27 — $25,510,000