No positions in the markets we measure AS OF 2026-08-22 BY 07:30 ET
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Credit · Tracked as filed as of 2026-05-06

Core Scientific

CCIR tracks 4 instruments issued by Core Scientific (CORZ): bond, convertible, lease. Every row traces to a primary document. Sizes are as filed and are not additive across the capital stack.

Fixed coupons at issue
Filed coupon, by issue date · hollow = convertible (the coupon is not the whole return) · window Aug 2024 – May 2026
2% 4% 6% 8% 10% 20252026 conv 3% '29conv 0% '317.75% '31

Capital stack by borrower

Which entity owes what, as filed. Facilities raised in a subsidiary sit on that subsidiary's assets; the parent's own paper sits beside them, senior to nothing below it.

BorrowerInstrumentSize $mRate
Core Scientific Finance I LLC 7.750% Senior Secured Notes due 2031 3,300 7.75%
Core Scientific (parent level) 0.00% Convertible Senior Notes due 2031 625 0%
3.00% Convertible Senior Notes due 2029 460 3%
Finance leases 0.9 Undisclosed

Instruments

7.750% Senior Secured Notes due 2031

Bond $3,300m 7.75% Entered 2026-05-06
Borrower
Core Scientific Finance I LLC (issuer)
Seniority
Senior secured, project-style; guaranteed by 5 project subsidiaries (Austin, Denton, Dalton, Marble, Muskogee); parent completion guarantee, no parent debt guarantee
Maturity
2031-05-15
Collateral
1st liens on issuer + guarantor assets, equity pledge, parent collateral pending ring-fence transfer
Lenders
Morgan Stanley (lead) · J.P. Morgan (lead) · WSFS (trustee/collateral)
Terms
Issued at 99.25; ~11.5%/yr amortization after Nov 15, 2026

Source: 8-K 5/6/26 with indenture; launch 8-K 4/21/26 (priced Apr 22) · document

0.00% Convertible Senior Notes due 2031

Convertible $625m 0% Entered 2024-12-05
Seniority
Senior unsecured
Maturity
2031-06-15
Lenders
144A; U.S. Bank Trust Co. (trustee)
Pricing
Effective 0.4%; conversion ~$22.49

Source: 8-K 12/5/24; 10-Q · document

3.00% Convertible Senior Notes due 2029

Convertible $460m 3% Entered 2024-08-19
Seniority
Senior unsecured
Maturity
2029-09-01
Lenders
144A; U.S. Bank Trust Co. (trustee)
Pricing
Effective 3.7%; conversion ~$11.00

Source: 8-K 8/19/24; Q1-26 10-Q Note 6 · document

Finance leases

Lease $0.9m Undisclosed
Seniority
Lease obligations
Maturity
Various
Collateral
Leased equipment

Source: Q1-26 10-Q Note 5 · document

Collateral classes on this page: operator_campus, out, gpu. The full ledger, with every issuer and the derived credit series, is on Compute Credit.