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Galaxy prices 9.875% notes for CoreWeave Texas AI data-center build
The deal carries about $346.3 million in annual cash interest, with payments beginning in 2027 and the notes maturing in 2031.
Galaxy Digital has priced $3.507 billion of financing for its CoreWeave data-center project in Texas through a Galaxy project subsidiary, issuing 9.875% senior secured notes on July 23, according to CryptoSlate.
The notes are set to close on July 28 and mature on Aug. 1, 2031. The 9.875% coupon translates to about $346.3 million in annual interest, payable in cash each Feb. 1 and Aug. 1 starting in 2027.
The financing is intended to cover part of two buildings at the Helios campus, planned with eight data halls and 400 megawatts of utility capacity, plus 260 MW of critical IT capacity, with some proceeds also funding debt-service reserves. Interest payments begin on a fixed schedule, while principal amortization starts on a different timeline.
CryptoSlate reports the notes are designed to amortize at 4% of original principal each year, subject to adjustments, with disclosed liens giving creditors first-priority claims on nearly all project assets and the parent-held equity in the issuer, rather than extending to Galaxy Digital’s assets generally.