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Investing.com -- TeraWulf Inc (NASDAQ:WULF) stock fell 5.8% after the digital infrastructure company announced its subsidiary has priced a $3.2 billion offering of senior secured notes.
The company’s wholly-owned subsidiary, WULF Compute LLC, priced the 7.750% senior secured notes due 2030 at par. The notes will be sold in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933.
TeraWulf said it intends to use the net proceeds to finance a portion of its data center expansion at the Lake Mariner campus in Barker, New York. The offering is expected to close on October 23, 2025, subject to market and other conditions.
The notes will be guaranteed by WULF Compute’s subsidiaries and secured by first-priority liens on substantially all assets of WULF Compute and the guarantors, as well as equity interests and other specified assets.
TeraWulf will provide completion guarantees for the data center expansion, committing to fund WULF Compute as necessary to ensure timely completion of the project.
Morgan Stanley is acting as the sole bookrunner for the notes offering.
The company describes itself as a leading owner and operator of vertically integrated, sustainable digital infrastructure.
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