Core Scientific plans to issue $3.3 billion in senior secured notes to repay short-term loans.

CoinFeed reported on April 21 that, according to The Block, Core Scientific Finance, a wholly owned subsidiary of Bitcoin mining company Core Scientific, plans to privately issue $3.3 billion in senior secured notes maturing in 2031 to qualified institutional investors. The notes will be fully guaranteed by five of the company's subsidiaries and secured by a subordinated guarantee with virtually all of its assets. The company intends to allocate a portion of the net proceeds to its debt service reserves and distribute them to its parent company to fully repay deferred drawdown term loans under its previously announced 364-day revolving credit facility, along with accrued interest and related expenses.