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Shares of TeraWulf Inc (NASDAQ:WULF) are surging Monday morning. Investors are reacting to a significant financing update and a broader crypto market rally.
The entered a Delayed-Draw Bridge Credit Agreement on Monday. The deal involves subsidiaries Raylan Finance LLC and Raylan Data LLC. Morgan Stanley Senior Funding, Inc. serves as the administrative agent, according to Benzinga Pro.
The agreement provides a 364-day $500 million senior secured bridge facility. TeraWulf intends to use these proceeds to finance the construction and development of the Company’s data center facility in Hawesville, Kentucky.
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