TeraWulf Upsizes Revolver to ~$400M, Adds $150M Accordion

summarizeSummary

More debt capacity without issuing new shares: TeraWulf raised its senior secured revolver from $250 million to about $400 million, added a $150 million accordion and removed the $150 million LC sublimit.

check_boxKey Events · Financing and Capital Events · WULF

• Revolver Upsized to ~$400M

  Amendment No. 1 to the May 7, 2026 revolving credit agreement, effective October 23, 2026, lifts total commitments from $250 million to approximately $400 million.

• $150M Accordion Added

  An uncommitted accordion lets aggregate commitments grow by roughly $150 million more, subject to lender commitments and conditions — about $550 million in total potential capacity.

• LC Sublimit Eliminated

  The $150 million sublimit on letter-of-credit issuance was removed, so the full facility is available for letters of credit rather than a capped slice.

• Collateral Release Provision

  The amendment provides for release of collateral from the agent's security interest upon occurrence of certain conditions set forth in the amendment.

auto_awesomeAnalysis · WULF · Crypto Assets

For a company funding a multi-year data-center buildout, this is cheaper, more flexible capacity than another equity raise — and it comes without share dilution. TeraWulf expanded its senior secured revolver from $250 million to roughly $400 million and added an uncommitted $150 million accordion, so total potential commitments reach about $550 million. It also scrapped the $150 million letter-of-credit sublimit, freeing the full facility for liquidity rather than having a chunk reserved for LCs. The trade-off is that the facility is senior secured, so lenders sit ahead of equity, and the amendment's collateral-release provisions mean the borrowing base can shrink if specified conditions are met.