Monitor for permanent financing announcements for NC-1 (Collateral Step Down Event) which would release collateral and guaranty, and potentially allow refinancing at lower cost. The 9-month maturity creates a catalyst window around Feb 2027. The B. Riley $20M assignment with 90-day term suggests near-term draw activity.
Price Chart
Executive Summary
WhiteFiber's subsidiary entered a $100M delayed draw term loan facility with Bit Digital Capital, secured by stock in Enovum NC-1 Topco, Inc. and guaranteed by White Fiber Operating Partnership LP. The 9-month bridge loan (9.5% interest, 3% OID) funds NC-1 data center buildout and general corporate purposes, with B. Riley purchasing a $20M portion. This is a non-dilutive, high-cost short-term financing that bridges to expected permanent financing.
Key Financial Metrics
Key Facts
- Facility size: $100M initial, up to $150M upon mutual agreement
- Interest rate: 9.5% pre-Rate Step Down Event, 8% post-event
- Term: 9 months, extendable to 12 months at Borrower's option
- 3% original issue discount on each Advance
- Commitment fee: 0.50% on undrawn amount
- MOIC Amount: minimum 1.1x principal repayment on Maturity Date
- Collateral: all stock in Enovum NC-1 Topco, Inc.
- Guarantor: White Fiber Operating Partnership LP (100% parent of Borrower)
- B. Riley Securities purchased $20M portion of an Advance on May 26, 2026 (90-day term)
- Fairness opinions received from Needham & Co. and Seaport Global Securities
- Proceeds for general corporate purposes, including NC-1 HPC data center phase I buildout (40 MW)
Financial Impact
Up to $100M in new debt, with 9.5% interest and 3% OID; effective cost of capital ~12.5-13% annualized over 9-month period. B. Riley took $20M at same terms.
Risk Factors
- High 9.5% interest rate with 3% OID creates significant financing cost
- 9-month maturity creates refinancing risk if permanent financing is delayed
- Collateral is concentrated in single project (NC-1 Topco stock)
- MOIC Amount (1.1x minimum) increases effective cost if repaid early
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-061575 |
| Document: ea0292280-8k_white.htm | 0001213900-26-061575 |
| Document: ea029228001ex99-1.htm | 0001213900-26-061575 |
| Document: 0001213900-26-061575-index-headers.html | 0001213900-26-061575 |
| Document: 0001213900-26-061575-index.html | 0001213900-26-061575 |
| Document: 0001213900-26-061575.txt | 0001213900-26-061575 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $17.59 $16.82 | ▼ −4.38% | ▼ −3.92% | $17.93 (+1.93%) |
Aug 17, 2026 6w ago | 8-K | $30.35 $27.07 | ▼ −10.81% | ▼ −10.13% | $17.93 (−40.92%) |
Aug 3, 2026 8w ago | 8-K | $25.95 $26.60 | ▲ +2.50% | ▲ +0.70% | $17.93 (−30.91%) |
Jun 10, 2026 16w ago | 8-K | $24.55 $24.70 | ▲ +0.61% | ▲ +0.07% | $17.93 (−26.97%) |
May 27, 2026 18w ago | 8-K | $32.18 $29.74 | ▼ −7.58% | ▼ −7.82% | $17.93 (−44.28%) |
US Market Status
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