WhiteFiber subsidiaries enter $300 million term loan credit agreement

On November 9, 2026, two WhiteFiber subsidiaries, Enovum NC-1 Midco, LLC and Enovum NC-1 Bidco, LLC, entered into a term loan credit agreement with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and a consortium of lenders. Morgan Stanley Senior Funding also served as lead arranger and lead bookrunner. Enovum NC-1 Bidco, LLC is the borrower, and Enovum NC-1 Midco, LLC guarantees its obligations.

The agreement provides $300 million of commitments: a $200 million initial term loan and a $100 million delayed-draw term loan. WhiteFiber said initial funding is scheduled within 30 days after closing, subject to up to two 30-day extensions. According to the filing, loan proceeds may pay Phase 1 construction and punch-list costs at the NC-1 data center in Madison, North Carolina, required reserves and transaction expenses, subject to the agreement's terms.

Loans bear interest at Term SOFR, subject to a 2.00% floor, plus 6.00% per annum, or at the base rate, subject to a 3.00% floor, plus 5.00% per annum, at the borrower's election. Both facilities mature on the fifth anniversary of initial funding. Initial term loans amortize quarterly at 2.50% of the principal funded, beginning with the quarter ending March 31, 2027.

WhiteFiber, Inc. does not guarantee the loans. According to the filing, White Fiber Operating Partnership LP must deliver an unsecured guarantee of Phase 1 completion, including cost overruns and specified project carry costs, before initial funding.

The guarantor's minimum net-worth and liquidity requirements remain subject to finalization before initial funding. Beginning with the test period ending March 31, 2027, the borrower must maintain a minimum debt service coverage ratio and a maximum debt to net operating income ratio.