Argo Blockchain PLC, a cryptocurrency mining company, announced Argo Helios LLC, a wholly owned subsidiary of Argo Blockchain PLC, has entered into additional loans under Argo's equipment financing agreement with NYDIG ABL LLC, a wholly owned subsidiary of New York Digital Investment Group LLC.
As part of the additional financing, NYDIG will loan Argo Helios an aggregate principal amount of up to $70.60 million, subject to customary drawdown conditions, to recapitalize the purchase of digital asset mining equipment for the Company's flagship cryptocurrency mining facility, Helios, in Dickens County, TX. Outstanding borrowings under the financing agreement are secured by the financed equipment and the contracts to acquire the financed equipment.
The key terms of each loan are as follows (loan amount, funding date, interest rate, loan maturity):
- $9.55 million, April 29, 12.00%, May 10, 2024;
- $9.55 million, April 29, 12.00%, May 10, 2024;
- Up to $6.99 million. May 31, 12.00%, June 10, 2024;
- Up to $6.99 million, May 31, 12.00%, June 10, 2024;
- Up to $10.23 million, May 31, 12.00%, June 10, 2024;
- Up to $10.23 million, June, 12.00%, July 10, 2024;
- Up to $8.53 million, July 29, 12.00%, August 10, 2024;
- Up to $8.53 million, July 29, 12.00%, August 10, 2024.
Peter Wall, Chief Executive of Argo, said, "We are delighted to secure this additional non-dilutive funding which will enable us to continue fitting out Phase 1 of our Helios site. NYDIG understands the financial requirements of large-scale bitcoin miners and we are excited to continue working with them to execute and deliver on the next phase of Argo's growth."
Josh Burandt, Head of Mining Services at NYDIG, said, "NYDIG is pleased to offer additional financing to Argo to complete the next phase of growth for their Helios site. This partnership will help further NYDIG's goal of securing the bitcoin network and supporting the growth of the world's leading Bitcoin miners. We are happy to support the growth of Argo's state-of-the-art Texas facility, and we look forward to growing the partnership across verticals."