Hut 8 Corporation - Senior Secured Notes Offering

Hut 8 Corporation, through its indirect wholly-owned subsidiary Hut 8 DC LLC, has completed a private offering of $3,250 million in 6.192% Senior Secured Notes due 2042. The offering was made to qualified institutional buyers and non-U.S. persons. The proceeds will be used to finance the development of a 245-megawatt data center and related substation at the Company's River Bend campus in Louisiana, reimburse prior equity contributions, fund debt service reserves, and cover offering expenses. The notes are senior secured obligations, bearing interest payable semi-annually and maturing in November 2042, with provisions for amortization starting in May 2028. The indenture includes covenants restricting the issuer's ability to incur additional debt, pay dividends, make investments, create liens, and engage in certain other transactions. The issuer must offer to repurchase the notes at 101% of the principal amount upon a change of control event, and at 100% under specific asset sale or data center lease termination scenarios. The indenture also outlines customary events of default.