WhiteFiber secures $100 million credit facility for growth initiatives

WhiteFiber Inc. (NASDAQ: WYFI) announced it has entered into a $100 million delayed draw term loan facility with Bit Digital Capital Inc., a subsidiary of Bit Digital Inc. (NASDAQ: BTBT). The facility may be increased to $150 million upon mutual agreement between the parties.

B. Riley Securities Inc. purchased a portion of the term loans under the facility from Bit Digital Capital Inc., according to the company's statement.

The AI infrastructure and high-performance computing solutions provider intends to use the proceeds for general corporate purposes, which may include completing the buildout of the first phase of a high-performance computing data center in Madison, North Carolina. The facility is designed to provide financial flexibility for near-term growth initiatives in both data centers and cloud services businesses.

"This facility gives WhiteFiber added flexibility to pursue near-term growth initiatives by bridging timing gaps between the start of a project and closing its associated permanent financing," said Sam Tabar, Chief Executive Officer of WhiteFiber.

The company stated it continues to advance non-dilutive permanent financing solutions, including a recently expanded and amended credit facility with the Royal Bank of Canada. WhiteFiber also reported ongoing progress on permanent financing for its NC-1 facility, which it expects to complete in the near term.

WhiteFiber operates as a provider of artificial intelligence infrastructure solutions, owning high-performance computing data centers and providing cloud services to customers. The company's model combines colocation, hosting, and cloud services for generative AI workloads.

You May Also Be Interested In

• Senate votes to halt Iran war unless Trump gets approval from Congress
• ATI opens aerospace manufacturing facility in Chihuahua, Mexico
• MGE Energy VP of energy operations to retire at year-end