Nscale adds a $21m Sandton term-loan tranche to refinance acquisition debt
The August 2024 facility supported repayment of the JGB loan used to acquire Hydrokraft, with drawings completed in two steps.
Nscale added a $21 million term-loan tranche under its Sandton credit agreement on 27 August 2024. The company used proceeds from Tranche C to repay the JGB loan that had financed its acquisition of Hydrokraft, the Norwegian data-centre business.
Nscale initially drew $15.4 million and drew the remaining $5.6 million in September. Together, those drawings used the $21 million facility. The debt was issued at a 10% discount and carried a 13% coupon, initially paid in kind.
The company later extended the loan and increased its coupon to 15% in May 2025. It repaid the Sandton term loans in October 2025 using proceeds from its Series B financing.
Use of funds
Refinance the JGB acquisition loan