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Nscale North Carolina DDTL: the credit agreement on one page.
The Credit Agreement (S-1 Exhibit 10.24) filed on SEC EDGAR, summarised on the eight terms in-house teams negotiate first, each checked against the filed text.
- Borrower
- Nscale NC Borrower SPV, LLC
- Sponsor
- Nscale
- Signed
- August 2026
- Commitments
- $1,200m
- Administrative agent
- U.S. Bank Trust Company, National Association
- Arrangers and lenders
- Goldman Sachs and JPMorgan
- Governing law
- New York
- The filed agreement
- Credit Agreement (S-1 Exhibit 10.24)
- Company profile
- What Nscale has signed
The terms
Eight terms
| Term | Position |
|---|---|
| Facility size | US$1.2bn: US$370m fixed, US$830m floating |
| Pricing | SOFR + 2.375% floating; fixed tranche at a fixed rate margin |
| Final maturity | Earlier of the customer’s final payment and 27 December 2031 |
| The customer contract | One cloud services agreement (customer redacted) |
| Financial covenant | Historical DSCR of 1.05x, with an equity cure |
| Cash trap and sweep | DSCR below 1.10x traps cash; six months of it forces prepayment |
| Prepayment premium | Fixed tranche: premium to year 2; floating: premium in year 1 (rates redacted) |
| Change of control | Sponsors below 50.1% before an IPO or 35% after; an event of default |
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
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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.
