JPMorgan, Morgan Stanley boost Core Scientific credit

Core Scientific, a bitcoin miner pivoting towards AI infrastructure, has secured a significant expansion of its credit facilities. JPMorgan Chase Bank committed an additional $500 million, bringing the total 364-day loan facility to $1 billion. This follows a similar $500 million commitment from Morgan Stanley earlier this month. The company's CEO, Adam Sullivan, stated that this increased financing capacity will enable them to accelerate infrastructure deployment and capitalize on the strong demand for AI and advanced compute workloads. The borrowings under this facility are subject to an interest rate of SOFR plus 250 basis points.