According to a PR Newswire report, Beacon Point DC LLC, a wholly-owned subsidiary of Canadian bitcoin mining company Hut 8, has priced $4.25 billion in senior secured notes. The notes carry a coupon of 6.129% and mature in 2042, with the closing expected on June 9, 2026.
The proceeds will be used to construct a data center on approximately 521 acres of land in Nueces County, Texas. The facility will house six data halls and provide a total critical IT capacity of 352 megawatts. Once completed, it will be leased to a tenant with a credit rating of at least AA-. Importantly, the notes are non-recourse to the parent company Hut 8, meaning the financing risk is contained at the project subsidiary level.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.