HIVE's BUZZ HPC Secures Approximately $129 Million at 9.0% Fixed-Rate Financing at 80% Loan-to-Cost to Expand Sovereign AI Infrastructure
HIVE's BUZZ HPC subsidiary secured an approximately $129 million fixed-rate credit facility at 9.0% per annum over three years, structured at roughly 80% loan-to-cost and secured by the GPUs it funds. Proceeds will purchase a $165 million cluster of 2,303 NVIDIA GB200 GPUs for the previously announced 3-year, $225 million TCV sovereign AI contract with Cohere, with GPU delivery expected toward the end of Q4 2026. The debt is held at the project level with a limited recourse guarantee, requires no share issuance, and HIVE notes $600 million of GPU cloud TCV signed this year.
Key figures
- Deal Value Usd
- 129000000
- Loan term
- 3 years
- Cohere tcv
- $225 million
- Loan to cost
- 80%
- Interest rate
- 9.0% fixed per annum
- Tcv signed ytd
- $600 million
- Gb200 gpu count
- 2303
- Gpu cluster cost
- $165 million
- Convertible bond net proceeds
- ~$200 million
- Convertible bond gross proceeds
- $245 million
AI analysis
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