Hut 8 Announces Pricing of $3.25 Billion of Investment-Grade Senior Secured Notes for River Bend Data Center Project

Hut 8 (NASDAQ, TSX: HUT) priced a $3.25 billion private offering of 6.192% senior secured notes due 2042 through wholly owned subsidiary Hut 8 DC LLC to finance the River Bend data center project.

Rhea-AI Summary

Hut 8 (NASDAQ, TSX: HUT) priced a $3.25 billion private offering of 6.192% senior secured notes due 2042 through wholly owned subsidiary Hut 8 DC LLC to finance the River Bend data center project. The closed‑end financing is non‑recourse to Hut 8 and will fund a 245 MW turnkey data center, reimburse prior equity contributions, fund debt service reserves, and pay offering expenses. The Offering is expected to close on April 30, 2026, subject to customary conditions.

Positive

• $3.25 billion project financing secured for River Bend
• Financing will fund a 245 MW turnkey data center and substation
• Notes are non‑recourse to Hut 8, isolating corporate exposure

Negative

• Notes bear a fixed 6.192% annual interest rate, increasing project financing cost
• Amortization begins May 15, 2028, creating semi‑annual principal cash requirements

Argus Apr 28 session

-4.75% close to close Open Argus

Details

News Market Reaction – HUT

On Apr 28, the first trading day after this news, HUT closed 4.75% below the previous close.

Data tracked by StockTitan Argus for the Apr 28 session.

Market Context

This announcement details a large $3.25 billion non‑recourse, fully amortizing note financing to bui...

Analysis

This announcement details a large $3.25 billion non‑recourse, fully amortizing note financing to build a 245 MW River Bend data center, reinforcing Hut 8’s infrastructure expansion strategy seen in prior crypto‑tagged news. Investors may track execution on construction, servicing of the 6.192% notes, and how this interacts with the existing $1,000,000,000 ATM program. Monitoring future filings and project milestones will be key to assessing capital structure and growth balance.

Key Figures

Senior secured notes size: $3.25 billion Coupon rate: 6.192% per annum Maturity date: November 15, 2042 +5 more

Senior secured notes size

$3.25 billion

Private offering of investment‑grade senior secured notes for River Bend project

Coupon rate

6.192% per annum

Interest rate on senior secured notes due 2042

Maturity date

November 15, 2042

Final maturity of fully amortizing senior secured notes

Interest payment dates

May 15 & November 15

Semi‑annual cash interest payments starting November 15, 2026

Amortization start

May 15, 2028

Semi‑annual amortization payments begin on this date

Critical IT capacity

245 megawatts

Turnkey data center at River Bend campus to be financed with proceeds

Note structure

Fully amortizing, senior secured, non‑recourse

Obligations of Hut 8 DC LLC, secured by first‑priority liens on its assets

ATM capacity

$1,000,000,000

Registered common stock under at‑the‑market program in 424B5 filing

Previous Crypto Reports

5 past events · Latest: Nov 17

Same Type 5 events

1. Nov 17

   Asset sale & redeploy

   24h Move

   +2.1%

   Sale of 310 MW Ontario power portfolio to TransAlta to fund growth projects.

2. Sep 04

   Annual meeting results

   24h Move

   -0.9%

   Election of eight directors and disclosure of 1,020 MW managed capacity.

3. Sep 04

   Partner capacity expansion

   24h Move

   -7.4%

   American Bitcoin expands hashrate at a Hut 8‑operated 205 MW liquid‑cooled data center.

4. Sep 03

   Subsidiary Nasdaq debut

   24h Move

   +1.0%

   American Bitcoin lists on Nasdaq as a majority‑owned Hut 8 subsidiary.

5. Aug 26

   Major capacity expansion

   24h Move

   +10.5%

   Plan to develop four new U.S. sites adding 1,530 MW and expanding to 2.5 GW.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

senior secured notes, qualified institutional buyers, rule 144a, regulation s, +3 more

7 terms

senior secured notes financial

"has priced a $3.25 billion private offering ... of 6.192% senior secured notes due 2042"

Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.

qualified institutional buyers financial

"offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A"

Qualified institutional buyers are large organizations, like big investment firms or banks, that are allowed to buy certain types of investment opportunities not available to everyday investors. Their size and experience matter because it ensures they understand and can handle complex financial deals, making markets more efficient and secure.

rule 144a regulatory

"qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933"

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

regulation s regulatory

"and to non-U.S. persons in reliance on Regulation S thereunder"

Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.

non-recourse financial

"The Notes are non-recourse to Hut 8."

A non-recourse loan is a type of debt where the lender’s recovery is limited to a specific asset pledged as collateral, and the borrower cannot be personally pursued for any remaining balance if the asset’s value falls short. For investors, non-recourse financing shifts downside risk onto the lender and protects a borrower’s other assets, which can affect a company’s risk profile, borrowing costs, and potential returns — much like insurance that covers only the item left as collateral.

project financing financial

"Fully amortizing project financing due 2042; non-recourse to Hut 8 Corp."

Project financing is a way to fund a single, large project — such as a power plant, toll road, or mine — where lenders and investors look primarily to the project’s future cash flow and assets for repayment rather than the company’s overall balance sheet. It matters to investors because it isolates risk and return: like a mortgage tied to a single house, the project’s performance determines who gets paid and how much, affecting credit risk, expected returns, and how losses are absorbed.

rule 10b5-1 trading plan regulatory

"to cover tax withholding obligations under a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Fully amortizing project financing due 2042; non-recourse to Hut 8 Corp.

MIAMI, April 27, 2026 /PRNewswire/ -- Hut 8 Corp. (Nasdaq, TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases, today announced that its wholly-owned subsidiary, Hut 8 DC LLC (the "Issuer"), has priced a $3.25 billion private offering (the "Offering") of 6.192% senior secured notes due 2042 (the "Notes"). The Notes will be offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons in reliance on Regulation S thereunder. The Offering is expected to close on April 30, 2026, subject to market and other conditions. There can be no assurance that the Offering will be completed on the terms described herein or at all.

The Issuer intends to use the proceeds from the Offering to (i) finance the development and construction of a turnkey data center with 245 megawatts of critical IT capacity and the related substation at Hut 8's River Bend campus (collectively, the "Project"), (ii) reimburse Hut 8 for a portion of its prior equity contributions to the Issuer that were used to fund capital expenditures relating to the Project, (iii) fund debt service reserves, and (iv) pay fees and expenses in connection with the Offering.

The Notes will bear interest at a rate of 6.192% per annum payable semi-annually in cash in arrears on November 15 and May 15 of each year, beginning on November 15, 2026 and will mature on November 15, 2042. The Notes will be fully amortizing with amortization payments payable semi-annually beginning on May 15, 2028. 

The Notes will constitute senior secured obligations of the Issuer and will be secured by first-priority liens on substantially all assets of the Issuer, other than certain excluded property, as well as a pledge of the equity interests in the Issuer held by Hut 8 DC Member LLC, the direct parent company of the Issuer. The Notes are non-recourse to Hut 8.

The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction, and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and any applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in reliance on Regulation S thereunder.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Hut 8

Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach.

Cautionary Note Regarding Forward-Looking Information

This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company and the Issuer expect or anticipate will or may occur in the future, including statements relating to the Project and the terms of the Offering and the use of proceeds therefrom, the Company's development pipeline, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "allow", "believe", "estimate", "expect", "predict", "can", "might", "potential", "is designed to", "likely," or similar expressions.

Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by the Company as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, risks relating to the construction of new data centers (including the Project), including cost overruns, delays, supply chain issues, permitting or regulatory hurdles, unexpected technical challenges, and dependency on contractors; risks relating to the financing of new data centers (including the Project), including the potential dilutive impact of equity issuances (if any), access to capital markets, timing and cost of financing, and market conditions such as increases in interest rates, declining equity valuations, volatility in credit markets, or tightening lending standards; risks impacting our ability to expand the power capacity at the River Bend campus, such as limitations of transmission and/or generation resources; failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; predicting facility requirements; strategic alliances or joint ventures; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca. Information in this press release is as of the dates and time periods indicated herein, and neither the Company nor the Issuer undertake to update any of the information contained in these materials, except as required by law.

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SOURCE Hut 8 Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What financing did Hut 8 (HUT) announce for the River Bend data center on April 28, 2026?

Hut 8 announced a private offering of $3.25 billion of senior secured notes due 2042. According to Hut 8, proceeds will finance a 245 MW data center, reimburse equity contributions, fund reserves, and cover offering expenses.

What are the key terms of the Hut 8 (HUT) senior secured notes for River Bend?

The notes carry a 6.192% annual interest rate, pay semi‑annually, and mature on November 15, 2042. According to Hut 8, the notes are fully amortizing with semi‑annual principal payments beginning May 15, 2028.

Is the River Bend financing by Hut 8 (HUT) recourse to the parent company?

No. According to Hut 8, the notes are structured as non‑recourse to Hut 8 and are obligations of Hut 8 DC LLC secured by first‑priority liens on Issuer assets and equity pledge.

When will Hut 8 (HUT) expect the River Bend offering to close and who can buy the notes?

The Offering is expected to close on April 30, 2026, subject to conditions. According to Hut 8, the notes are offered to qualified institutional buyers under Rule 144A and to non‑U.S. persons under Regulation S.

How will Hut 8 (HUT) use proceeds from the $3.25 billion River Bend notes?

Proceeds will finance construction of a 245 MW turnkey data center and related substation, reimburse prior equity contributions, fund debt service reserves, and pay fees and expenses. According to Hut 8, these uses are specified in the offering terms.