Skip to content
Friday, October 23, 2026 · Today’s edition, 6:30 a.m. ETFri, Oct 23 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in

Hut 8 closes $1.07 billion revolver above its $7.5 billion project debt

The four-year senior-secured facility adds bank liquidity at the parent while River Bend and Beacon Point campus construction runs on nonrecourse project financing.

At a glance

  1. The company develops, commercializes and operates industrial-scale energy and data center infrastructure, funding that construction with nonrecourse project debt, and the revolver sits above $7.5 billion of fully amortizing, nonrecourse investment-grade financing at its River Bend and Beacon Point AI data center campuses.
  2. Chief financial officer Sean Glennan described the facility as more than $1 billion of committed, non-dilutive liquidity sitting at the parent, giving Hut 8 the ability to fund projects through development while it determines the optimal timing and structure of long-term nonrecourse financing as those projects de-risk.
  3. On the campuses, the investment-grade label is already attached; at the parent, the company describes itself as still building toward that profile, with the revolver as the instrument for getting there.

Hut 8 Corp. has closed a $1.07 billion four-year senior-secured revolving credit facility, a parent-level bank line for a business whose assets are power, digital infrastructure and compute. The company develops, commercializes and operates industrial-scale energy and data center infrastructure, funding that construction with nonrecourse project debt, and the revolver sits above $7.5 billion of fully amortizing, nonrecourse investment-grade financing at its River Bend and Beacon Point AI data center campuses.

Chief financial officer Sean Glennan described the facility as more than $1 billion of committed, non-dilutive liquidity sitting at the parent, giving Hut 8 the ability to fund projects through development while it determines the optimal timing and structure of long-term nonrecourse financing as those projects de-risk. He tied that discretion to the speed and capital intensity of AI infrastructure development, and Hut 8 said the revolver strengthens its liquidity and broadens its access to capital as it pursues an investment-grade corporate profile.

Investment grade at the project, not yet at the parent

On the campuses, the investment-grade label is already attached; at the parent, the company describes itself as still building toward that profile, with the revolver as the instrument for getting there. A lender pricing either facility is really pricing that split — two rungs of one capital stack carrying different labels at the same moment rather than the headline number.

The company’s own description draws the practical line: project financing funds a defined campus against a defined completion, with the lender’s recovery anchored to the asset; a corporate revolver funds the parent’s sequencing — when it draws, when it waits for a project to de-risk, and when it takes that project to the permanent market. Underwriting the second means reading management’s discipline about timing, which no completion schedule measures.

Scale is the other variable a lender prices, and at $1.07 billion against $7.5 billion of project commitments the revolver covers roughly a seventh of the stack, sized on the company’s account to carry projects through development while long-term financing is arranged. What that coverage doesn’t supply is the facility's pricing, its covenant package, its lender group, or whether any of it has been drawn, nor does it say what collateral a senior-secured revolver takes from a borrower whose value sits in energy and data center infrastructure.

The open question is what a bank demands before writing a parent-level revolver against power and compute, and how many of the next campus builds arrive with one already behind them.

Reported by the Real estate debt desk from IREI. Published . Corrections

Related

Real Estate

Hut 8 starts a $399M campus under $19.6B in leases

The construction budget is roughly a fiftieth of the contracted value it will house, so the risk private capital takes here is delivery and tenant credit, not lease-up.

Real Estate

BlackRock and GID write construction loans; VAC recapitalizes a Henderson office

Greystone's $167 million Miami stack used an impact fund loan, tax credits and a Freddie Mac forward, with no bank in the group.

Deals & PE

DigitalBridge and SoftBank close $3.1 billion deal; five announcements lack full dollar terms

Harrison Street agrees to buy a majority of Vicinity Energy at a $2.92 billion enterprise value; four of the five announced deals name an energy or clean-power counterparty.

Real Estate

Northmarq arranges $95.8M Voya refinancing for E&S Ring's 1,461 Southern California apartments

Six non-cross-collateralized loans replace existing debt on E&S Ring buildings in Brentwood, Culver City, Victorville, Los Feliz and Mid-Wilshire.

Real Estate

Newmark launches multifamily bridge program with $35M Georgia loan

The first loan is a $35 million refinancing of MFP Capital's 264-unit Independence Place in Hinesville, Ga., Commercial Observer reports.

Private Real Estate Dailyfrom Private Wealth Daily

Non-traded REITs, data centers, industrial and manager fundraising. Weekdays at 7:20 a.m. ET.

Free. Weekday mornings. Unsubscribe from any edition in one click.

From other sections