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Nscale Iceland facility: the credit agreement on one page.
The Senior Facility Agreement (S-1 Exhibit 10.22) filed on SEC EDGAR, summarised on the eight terms in-house teams negotiate first, each checked against the filed text.
- Borrower
- Nscale Services Iceland III ehf
- Sponsor
- Nscale
- Signed
- 29 July 2026
- Commitments
- $332m
- Administrative agent
- Macquarie Bank Limited (London Branch)
- Arrangers and lenders
- Macquarie Bank
- Governing law
- England and Wales
- The filed agreement
- Senior Facility Agreement (S-1 Exhibit 10.22)
- In the deal register
- The deal record
- Company profile
- What Nscale has signed
The terms
Eight terms
| Term | Position |
|---|---|
| Facility size | US$332m term facility |
| Pricing | Margin of 5.5% |
| Final maturity | 46 months from the first drawing |
| The customer contract | One named customer; any other needs the agent’s written approval |
| Financial covenant | No coverage ratio; repaid to a fixed monthly schedule |
| Cash trap and sweep | Excess cash keeps going to lenders until they reach a 1.18x multiple |
| Prepayment premium | No prepayment in the draw period, and lenders must receive 1.18x |
| Change of control | Nscale must keep 100% of the votes and 75% of the shares; an exit event repays the facility and the multiple |
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.
