Core Scientific raised $500M from BlackRock, Apollo and others

BlackRock and Apollo Capital Management were among the group of creditors that loaned $500 million to defunct crypto miner Core Scientific, court filings show.

Core Scientific, which filed for Chapter 11 bankruptcy last month, grew its business by raising massive debt and faltered on the loans when Bitcoin (BTC) prices sunk last year.

BlackRock purchased $38.2 million convertible notes from Core Scientific in August 2021. Apollo, on the other hand, purchased $22.5 million worth of convertible notes in April 2021, and another $10.9 million in August 2021, as per the filings.

The largest creditor was Ibex Investors, which bought $97.9 million worth of convertible notes from Core Scientific in April 2021. The same month, the miner used convertible notes to raise $61.7 million and $37.6 million from ICG Advisors and Kensico Capital Management, respectively.

In August, the miner bagged another $4.3 million from Kensico, $23.5 million from Marsico, and $43.6 million from Massachusetts Mutual Life Insurance Company (MMLIC). The same month, the miner sold convertible shares worth $28.9 million, $31.1 million, and $2.7 million to Toroso Investments, Jordan Park Group, and Sabby Volatility Warrant Master Fund, respectively.

Core Scientific also raised $15.29 million through convertible notes from Corbin Capital Partners, the filings show.

Many of these creditors also extended debtor-in-possession (DIP) loans to Core Scientific, which allowed the miner to continue operating during bankruptcy.

Ibex, BlackRock, and Apollo provided $10.1 million, $17 million, and $6.1 million, respectively, in DIP loans to the defunct miner. MMLIC, Sabby, Jordan, and Corbin cumulatively extended another $24 million in DIP loans, the filings show.