Nscale’s Sandton Tranche B facility reaches $17.8m
The February 2024 term loan carried a 15% coupon and formed part of the debt financing behind Nscale’s early infrastructure buildout.
Nscale’s February 15, 2024 credit amendment established a $17.8 million Tranche B term loan with Sandton Capital Solutions Master Fund V (Delaware), L.P. and its related parties. The facility was issued at a 15% discount with a 1% upfront fee, so its principal amount exceeded the cash available after those charges. An initial $8.6 million commitment made in December 2023 belonged to the same tranche.
The loan carried 15% annual interest and a three-year term. Later amendments changed the cash and payment-in-kind interest schedule. Nscale repaid the tranche in October 2025 using proceeds from its Series B financing. The company subsequently expanded its financing around data centres, GPU equipment and AI cloud capacity.