Sandton term loan Tranche D · AI
Nscale adds $20m Sandton loan alongside amendments to earlier debt
The May 2025 agreement created a new loan tranche and changed payment terms on existing Sandton borrowing.
Nscale added a $20 million term loan through an amendment signed on 12 May 2025 to its Sandton credit agreement. The new Tranche D carried a 15% annual coupon and a 12-month term, with additional payment terms linked to the lender’s return.
The agreement also waived specified defaults and changed terms on earlier borrowing. It extended Tranche C and deferred some principal and interest payments. Those changes accompanied the new $20 million loan.
Sandton Capital Solutions Master Fund V and related parties provided the term-loan financing. Nscale repaid the Sandton loans in October 2025 with proceeds from its Series B round.
Funding history
Sandton term loan Tranche D · This round$20M
Series A convertible notes$155MSandton term loan Tranche C≤$21M