TeraWulf has expanded its corporate credit capacity through an amendment to its senior secured revolving credit agreement. The facility grew from $250 million to approximately $400 million following Amendment No. 1, signed on October 23, 2026, representing roughly a 60% increase in committed capacity.
Morgan Stanley Senior Funding, Inc. serves as administrative and collateral agent on the facility, which operates as a business credit line allowing TeraWulf to draw funds as needed, repay, and draw again up to the committed limit.
Key changes to the facility
The amendment introduces an uncommitted accordion feature allowing for up to an additional $150 million in commitments, contingent on lender participation. The update also removes a previous $150 million sublimit on letters of credit, eliminating caps on that borrowing tool.
TeraWulf has identified letter-of-credit needs tied to utility partnerships and data center expansions, particularly related to its Muskie Data Campus in Kentucky.
Capital structure and investor implications
As a senior secured facility, the credit agreement grants lenders a claim on company assets as collateral. This structure places equity holders behind debt holders in the capital stack. The accordion feature's practical value depends on whether lenders choose to participate if TeraWulf requests the additional capacity.
Full details of the amended agreement are expected to appear in TeraWulf's 10-Q filing for the quarter ending September 30, 2026, which should disclose pricing, covenants, and other terms associated with the facility.
