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Nscale Ward County DDTL: the credit agreement on one page.
The Credit Agreement (S-1 Exhibit 10.23) filed on SEC EDGAR, summarised on the eight terms in-house teams negotiate first, each checked against the filed text.
- Borrower
- Nscale Ward County Borrower SPV, LLC
- Sponsor
- Nscale
- Signed
- 27 August 2026
- Commitments
- $1,850m
- Administrative agent
- U.S. Bank Trust Company, National Association
- Arrangers and lenders
- JPMorgan and Goldman Sachs, with eight mandated lead arrangers
- Governing law
- New York
- The filed agreement
- Credit Agreement (S-1 Exhibit 10.23)
- Company profile
- What Nscale has signed
The terms
Eight terms
| Term | Position |
|---|---|
| Facility size | US$1.85bn: US$630m fixed, US$1.22bn floating |
| Pricing | SOFR + 2.375% floating; fixed tranche at a fixed rate margin |
| Final maturity | Earlier of the customer’s final payment and 27 February 2033 |
| The customer contract | Microsoft, under a partner statement of work |
| 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: 2% then 1% to year 2; floating: 1% in year 1 |
| 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
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.
