Willkie Represents Lender Syndicate in $123.5 Million Term Loan to Bitcoin Miner TeraWulf Inc.

December 2, 2021

Willkie represented the lender syndicate providing debt financing to TeraWulf.

TeraWulf Inc., a company formed to own and operate environmentally clean bitcoin mining facilities, announced on December 2 that it raised approximately $200 million in debt and equity financing from a group of leading institutional and individual investors.

TeraWulf entered into an approximately $123.5 million three-year senior secured term loan with a syndicate of lenders advised by Willkie, and issued to the lenders newly issued shares of TeraWulf's common stock. In addition, TeraWulf entered into subscription agreements with investors to purchase newly issued shares of TeraWulf's common stock in private placement transactions for an aggregate purchase price of approximately $76.5 million.

The company intends to use the funds to enable it to achieve 6 exahash per second, or 200 megawatts, of mining capacity by the second half of 2022. TeraWulf plans to generate bitcoin in the U.S. using nuclear, hydro and solar power.

The Willkie team was led by partners Viktor Okasmaa and Ryan Cicero, and included associates Lynn Abell, Jonathan Hess and Maithili Bagaria. Partners A. Mark Getachew and Joseph Minias also advised on the transaction.