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Nscale Europe DDTL: the credit agreement on one page.
The Credit Agreement (S-1 Exhibit 10.14) filed on SEC EDGAR, summarised on the eight terms in-house teams negotiate first, each checked against the filed text.
- Borrower
- Nscale Services UK Ltd and subsidiary borrowers
- Sponsor
- Nscale
- Signed
- 11 February 2026
- Commitments
- $1,422m
- Administrative agent
- Global Loan Agency Services Limited
- Arrangers and lenders
- Goldman Sachs Lending Partners
- Governing law
- New York
- The filed agreement
- Credit Agreement (S-1 Exhibit 10.14)
- In the deal register
- The deal record
- Company profile
- What Nscale has signed
The terms
Eight terms
| Term | Position |
|---|---|
| Facility size | US$1.42bn, plus a US$350m incremental |
| Pricing | SOFR + 5.00%, stepping up to 5.25% |
| Final maturity | Earlier of the last scheduled amortisation and 5 years after the draw period |
| The customer contract | Three named contracts, then any that meet the eligibility criteria |
| Financial covenant | Historical DSCR of 1.05x, with an equity cure |
| Cash trap and sweep | DSCR below 1.15x, or GPUs not earning 90 days after delivery |
| Prepayment premium | 2% in year 1 and 1% in year 2 after each funding |
| Change of control | Sponsors below 50.1% before an IPO or 35% after; commitments cancelled and loans repaid |
Each term links to the same term across all 12 filed facilities. Subscribers see the filed wording below.
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The other filed facilities
Method
The agreements are the exhibits filed on SEC EDGAR as at 28 October 2026, in the form filed: later amendments can change any term, and redacted figures are shown as redacted. Every quotation is checked against the filed document before it is published, and the build stops on any that has not been. The position beside each quotation is a plain summary of it. Nothing here comments on the credit of any borrower or sponsor. General information drawn from public filings. It is not legal advice on any transaction, and using this page does not create a lawyer-client relationship. Views are personal.
