TERAWULF INC. 8-K

What Happened
TeraWulf Inc. announced on March 13, 2026 that its subsidiaries entered a Delayed-Draw Bridge Credit Agreement providing a 364‑day, $500 million senior secured bridge facility to finance construction and development of the Company’s Hawesville, Kentucky data center. Morgan Stanley Senior Funding, Inc. is administrative and collateral agent. The facility creates a new direct financial obligation for the borrower and its parent entities.

Key Details

• Facility size and term: $500,000,000 delayed‑draw senior secured bridge facility, 364 days.
• Interest: Borrowings bear either (a) Term SOFR + 2.75% p.a. (floor 0%) or (b) a base rate + 1.75% p.a. (base = max of fed funds + 0.50%, Morgan Stanley prime, 1‑month Term SOFR or 1.00%).
• Covenant: Minimum liquidity covenant requiring TeraWulf and the Borrower to maintain $100 million of liquidity (includes Facility proceeds).
• Other terms: customary affirmative/negative covenants and events of default that could lead to termination and acceleration of repayment.
• Related disclosure: The company also furnished consolidating schedules (Exhibit 99.1) reconciling the financials of WULF Compute LLC (issuer of its 7.750% Senior Secured Notes due 2030) to the parent company as of Dec 31, 2025.

Why It Matters
This transaction provides near‑term financing specifically earmarked for the Hawesville data center development and increases the company’s secured indebtedness. The liquidity covenant and the size of the facility materially affect the company’s available cash and leverage profile; failure to comply with covenants or an event of default could accelerate repayment. The consolidating schedules improve transparency for holders of the company’s 7.750% secured notes by reconciling issuer‑level and consolidated financials.