TeraWulf Joint Venture Completes $1.3 Billion Senior Secured Notes Offering

Paul, Weiss advised on a $1.3 billion private offering of 7.250% senior secured notes due 2030 issued by Flash Compute LLC, a joint venture between Paul, Weiss client TeraWulf Inc., a leading owner and operator of vertically integrated, low-carbon digital infrastructure, and Fluidstack, a premier AI cloud platform. Morgan Stanley served as bookrunner for the offering. The proceeds of the offering will be used to finance a portion of the cost of construction of a data center campus in Abernathy, Texas.

The Paul, Weiss team was led by corporate partners David Huntington, Mark Wlazlo and Steven Williams, and included partners Danielle Penhall and Samita Ali-Khan; tax partner Reuven Garrett; and executive compensation counsel Jake Glazeski.