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Core Scientific Subsidiary Prices $3.3 Billion Private Notes Offering; Shares Down Premarket

-- Core Scientific (CORZ) said its wholly-owned subsidiary, Core Scientific Finance I, priced an offering of $3.3 billion of 7.750% senior secured notes due 2031 at 99.250% of the principal.

The unit plans to use the proceeds to fund a debt service reserve account and distribute the remaining funds to its parent, Core Scientific said late Wednesday. The company intends to use a portion of the net proceeds to repay delayed loans from its 364-day credit facility.

The notes will be sold in a private offering to institutional buyers. The offering is expected to close on May 6.

Shares of Core Scientific were down 1.3% in Thursday's premarket activity.

Price: $20.91, Change: $-0.28, Percent Change: -1.32%

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