InfraCompute / Deals
Nscale: European GPU DDTL
GPU secured for Nscale, 11 February 2026.
Key terms
- Borrower or issuer
- Nscale
- Date
- 11 February 2026
- Structure
- GPU secured
- Amount
- US$1.42bn
- Pricing
- 500 basis points over Term SOFR
- Maturity
- Five years after availability period (each loan)
Recorded terms
- Lender type
- Private creditNamed lender: PIMCO-managed funds (lead_investor_manager)
- Security
- First priority in substantially all borrower / subsidiary guarantor assets
- Recourse
- Parent guarantee
- Maturity
- Five years after availability period (each loan)
- Amount m · earlier observation
- 1422As of 11 February 2026
Exact contractual signing commitment differs from rounded1400m announcement; no later incremental draw assumed.
- Currency · earlier observation
- USDAs of 12 February 2026
Selected source field only; no all-in-cost or current-balance conclusion.
- Event date · earlier observation
- 11 February 2026As of 11 February 2026
Selected source field only; no all-in-cost or current-balance conclusion.
- Margin bp · earlier observation
- 500As of 11 February 2026
TermSOFR500bp rises525bp after redacted trigger; not an all-in rate.
- Benchmark · earlier observation
- Term SOFRAs of 11 February 2026
Selected source field only; no all-in-cost or current-balance conclusion.
- Borrower legal name · earlier observation
- Nscale Services UK LtdAs of 11 February 2026
Selected source field only; no all-in-cost or current-balance conclusion.
- Pricing stepup bp · earlier observation
- 25As of 11 February 2026
Trigger/date redacted.
- Margin bp
- 500As of 11 February 2026
Full dated draws, repayments, fees, hedge costs and reserves remain unknown; no actual all-in cost eligibility. Later amendments and current commitment utilisation not fully audited.
- Event date
- 11 February 2026As of 11 February 2026
Full dated draws, repayments, fees, hedge costs and reserves remain unknown; no actual all-in cost eligibility. Later amendments and current commitment utilisation not fully audited.
- Incremental cap m
- 350As of 11 February 2026
Full dated draws, repayments, fees, hedge costs and reserves remain unknown; no actual all-in cost eligibility. Later amendments and current commitment utilisation not fully audited.
Parties
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Filed documents and legal terms
The documents behind this financing that are filed on SEC EDGAR, with the governing law each states. Read any document in full before relying on it; filers may redact commercial terms.
- Filed documents
- 2
- Governing law
- New York law
- Quoted in the clause and contract libraries
- 1
Applicable Law THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT EXPRESSLY STATED OTHERWISE IN ANY SECURITY DOCUMENT.
From the Credit Agreement (S-1 Ex 10.14), filed with the SEC.
| Filed document | Dated | Governing law | In InfraCompute |
|---|---|---|---|
| Amendment No.1 to Credit Agreement (S-1 Ex 10.15) | 12 March 2026 | New York law | See the redline |
| Credit Agreement (S-1 Ex 10.14) | 11 February 2026 | New York law | Quoted: DSCR cash trap in GPU loans · Quoted: Data centre access and step-in letters · Quoted: Security package across jurisdictions |
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For counsel on this deal
Acting for a lender, borrower or sponsor on a financing like this? Start from the filed precedents. Previews are open; the full text is free with InfraCompute Weekly.
Sources
- Nscale GPU credit agreement — initial commitment and marginSource date: 11 February 2026
- Nscale European GPU DDTL announcementSource date: 12 February 2026
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
