Other DebtActive
Delayed-Draw Senior Secured Bridge Credit Facility
WULF-RB27
$22.29â–˛ 4.60%
BTC Holdings
3 BTC
Total Debt
$7.13B
Leverage
1669801.1%
mNAV
43884.85x
Outstanding
$100.00M
Issue date
2026-03-13
Principal
$500.00M
Coupon
2.75%
Maturity
2027-03-12
Conversion price
—
- Borrower: Raylan Data LLC (subsidiary of Raylan Finance LLC)
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior secured
- Facility type
- Term loan
- Rate type
- Floating
- Rate reference
- SOFR + 275 bps (or base rate + 175 bps)
- Collateral
- Data center assets (Hawesville, KY facility)
- Covenants
- Minimum $100M liquidity (TeraWulf + Borrower including Facility proceeds)
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding |
|---|---|---|
| 2026-03-31 | Draw | $100.00M $100M drawn on delayed-draw bridge loan at Kentucky subsidiaries |
| 2026-03-13 | Draw | $0.00 Corrective: delayed-draw facility established with $0 drawn; $500M is the facility ceiling (principal_amount), not outstanding |
- 2026-03-31 — $100,000,000Item 2.02
- 2026-03-13 — $0Item 1.01