Hut 8 Secures $1.07 Billion Revolving Credit Facility
The four-year facility was undrawn at closing, with liquidity requirements of 40% before the Stabilization Date and 25% afterward.
Hut 8 Corp. secured a four-year senior secured revolving credit facility providing up to $1.07 billion in aggregate commitments, including a $1.07 billion letter-of-credit sublimit, expanding financing capacity at the parent-company level.
The facility closed Sept. 24, 2026, with no amounts outstanding. Hut 8 may draw on it through the fourth anniversary of the closing date, with proceeds available for general corporate purposes and working capital.
Starting with the quarter ending March 31, 2027, Hut 8 must maintain minimum liquidity of at least 40% of aggregate commitments before the Stabilization Date and at least 25% afterward. The calculation does not subtract outstanding loans or letters of credit.
The credit agreement defines the Stabilization Date as the earlier of the commencement dates under the Beacon Point and River Bend indentures. It also allows equity cures for breaches of the minimum-liquidity covenant, subject to the agreement’s terms.
The letter-of-credit capacity can support interconnection deposits and obligations to utilities and equipment vendors without requiring equivalent cash collateral. Any cash borrowing would create secured obligations for Hut 8 and certain guarantors.
The facility is secured by first-priority liens on substantially all assets of Hut 8 and its guarantors, subject to exclusions. Term SOFR loans carry an initial margin of 1.75 percentage points, while alternate-base-rate loans carry an initial margin of 0.75 percentage points.
Hut 8 had $233.579 million in cash as of June 30, 2026, along with $6.787 billion in restricted cash and cash equivalents tied principally to project accounts and related obligations.
The parent-level facility is separate from the $7.5 billion of fully amortizing, non-recourse project financing Hut 8 has described for its River Bend and Beacon Point artificial intelligence data-center campuses.
“We are building a capital structure designed to scale with the business while giving us control over when, where, and how we deploy capital, flexibility that matters given the speed and capital intensity of AI infrastructure development,” Chief Financial Officer Sean Glennan said.
The first quarter subject to the minimum-liquidity test ends March 31, 2027.
