Hut 8 Secures $1.07 Billion Four-Year Senior Secured Revolving Credit Line

Hut 8 Corp. (HUT ) announced on September 28, 2026 the closing of a $1.07 billion four-year senior secured revolving credit facility, provided by a syndicate of 12 lenders. J.P. Morgan acted as Lead Left Arranger and Bookrunner and serves as Administrative Agent, while Citi, Goldman Sachs (GS ) and Morgan Stanley (MS ) served as Joint Lead Arrangers and Joint Bookrunners.

The Miami-based company describes itself as an energy infrastructure platform integrating power, digital infrastructure and compute at scale to fuel energy-intensive technologies such as AI, high-performance computing and ASIC compute. Hut 8 said the facility strengthens parent-level liquidity and broadens its access to capital as it pursues an investment-grade corporate profile. The company said the financing builds on $7.5 billion of fully amortizing, non-recourse investment-grade project financing funding development and construction at its River Bend and Beacon Point AI data center campuses.

Borrowings under the facility carry a drawn margin ranging from SOFR plus 150 to 200 basis points, set according to the company’s consolidated total debt-to-market-capitalization ratio, with an initial margin of SOFR plus 175 basis points at closing. Subject to customary conditions, borrowings can be drawn as needed and repaid without prepayment penalties.

The facility includes a $1.07 billion letter-of-credit sublimit that, according to the company, supports collateral requirements associated with site development, including interconnection deposits and obligations to utilities and equipment vendors, reducing the need to post cash collateral. Hut 8 said the committed liquidity covers interim working capital needs and allows it to optimize the timing and structure of long-term financing, and characterized the facility as providing immediate access to non-dilutive capital.

Sean Glennan, chief financial officer of Hut 8, said in the announcement: “This Facility adds more than $1 billion of committed, non-dilutive bank liquidity at the parent level, giving us the ability to fund projects through development while we determine the optimal timing and structure for long-term, non-recourse financing as they de-risk.” Glennan said the approach is intended to help the company optimize its cost of capital, limit dilution and continue building toward an investment-grade corporate profile.

Prior Project-Level Financings

The $7.5 billion figure refers to two investment-grade construction financings completed by Hut 8 subsidiaries earlier in 2026. On April 27, 2026, Hut 8 DC LLC, an indirect wholly-owned subsidiary, completed a $3,250 million private offering of 6.192% Senior Secured Notes due 2042, according to a Form 8-K filed with the U.S. Securities and Exchange Commission. The notes were sold under a purchase agreement dated April 27, 2026 with J.P. Morgan Securities LLC as representative of the initial purchasers, for resale to persons reasonably believed to be qualified institutional buyers under Rule 144A and outside the United States to non-U.S. persons under Regulation S, and were issued at a price equal to 100% of principal.

The filing states that proceeds were intended to finance a turnkey data center with 245 megawatts of critical IT capacity and a related substation at the company’s River Bend campus in St. Francisville, Louisiana, to reimburse Hut 8 for a portion of its prior equity contributions to the issuer, to fund debt service reserves, and to pay fees and expenses of the offering. Under an indenture dated April 30, 2026 among the issuer, its direct parent Hut 8 DC Member LLC and Wilmington Trust, National Association as trustee and collateral agent, the notes pay interest semiannually in arrears on May 15 and November 15 of each year, beginning November 15, 2026, mature on November 15, 2042, and begin semiannual principal amortization on May 15, 2028. The indenture limits, among other things, additional indebtedness, dividends and other restricted payments, liens, asset sales and certain affiliate transactions, and requires the issuer to offer to repurchase the notes at 101% of principal upon specified change-of-control events.

On June 9, 2026, Beacon Point DC LLC, a wholly-owned subsidiary, closed a $4.25 billion offering of 6.129% senior secured notes due 2042, rated Baa2 by Moody’s (MCO ) Ratings. Hut 8 said that rating stood one notch above the BBB− that S&P Global Ratings and Fitch Ratings assigned to the River Bend financing, and that the notes, priced at T+165 basis points, came 20 basis points inside the River Bend issuance spread. Proceeds finance a turnkey data center comprising six data halls with a combined 352 megawatts of critical IT capacity, plus a substation, on an approximately 521-acre property in Nueces County, Texas, to be leased to a tenant rated AA− or higher. The company said the offering was substantially oversubscribed and, together with River Bend, brought cumulative project-level investment-grade data center construction financing to $7.5 billion. J.P. Morgan acted as lead bookrunner and Goldman Sachs & Co. LLC as a bookrunner for that offering.

Hut 8 characterizes its project-level model as fully amortizing, non-recourse to the parent company and non-dilutive to shareholders, and says it maintains zero recourse debt at the parent level. The company’s filing index on EDGAR lists its most recent Form 8-K before the facility announcement as filed on August 4, 2026 under Items 2.02 and 9.01, and shows no later current report covering the new credit facility.