Other DebtExpiredBTC
Delayed Draw Term Loan
EMPD-MLA27
$4.91▲ 0.41%
BTC Holdings
2,914 BTC
Total Debt
$50.00M
Leverage
13.3%
mNAV
0.63x
Outstanding
$0.00
Issue date
2025-10-12
Principal
$100.00M
Coupon
7.50%
Maturity
2027-10-09
Conversion price
—
- Original rate 6.5%, amended to 7.5% on Feb 10, 2026
- Maturity extended to Oct 2027 (option exercised Oct 29, 2025)
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Secured
- Facility type
- Term loan
- Payment frequency
- Monthly
- Rate type
- Fixed
- Collateral
- BTC collateral; initially 250% LTV, amended to 174% LTV on Feb 10, 2026
- Covenants
- BTC collateral maintenance: Initial 174% (amended from 250%), Collateral Call at 153%, Refund at 217%, Liquidation at 143% with 12-hour cure period
- Prepayment
- No prepayment penalty or premium
Participants
Holders & Underwriters(1)
- Two Prime Facility Amendm…Two Prime Lending Limitedholderas of 2025-10-12Lender on Master Loan Agreement
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding |
|---|---|---|
| 2026-04-01 | Repayment | $0.00 Fully repaid; ~1,800 BTC released from collateral |
| 2025-12-31 | Draw | $50.00M 1,196 BTC ($104.6M) held as collateral |
| 2025-10-12 | Issuance | $100.00M |
- 2026-04-01 — $0
- 2025-12-31 — $50,000,000Note 7 — Borrowings for Share Repurchases
- 2025-10-12 — $100,000,000