WhiteFiber Secures C$60 Million Credit Facility to Support AI Data Center Expansion
WhiteFiber, Inc., a wholly-owned subsidiary of Bit Digital, Inc. has entered into a definitive credit agreement with the Royal Bank of Canada (RBC), marking a significant step forward in the company’s growth strategy.
The agreement provides up to C$60 million in financing, which will be used to further develop WhiteFiber's Tier-3 AI data center portfolio.
The facility consists of a real estate term loan, equipment financing, and a revolving facility. It features competitive interest rates of CORRA plus 250 basis points with a three-year term. The credit arrangement is non-recourse to WhiteFiber or Bit Digital, with ENOVUM Data Centers Corp. and its Montreal II project as the primary borrowers and guarantors.
A Landmark Deal in High-Performance Computing and Data Centers
Sam Tabar, CEO of WhiteFiber, said, "This financing is a breakthrough for WhiteFiber and our sector."No other company operating at the intersection of HPC Cloud and data centers has secured financing of this nature, to our knowledge.
He added, “We believe that this is a strong endorsement of our business model, the quality of our assets, balance sheet, and ability to execute."
The financing will enable WhiteFiber to accelerate its data center infrastructure buildout to meet the increasing demand for AI computing capabilities. The company is focused on scaling its infrastructure to support the rapidly growing market for AI and HPC services, positioning itself as a key player in the sector.
Also read: WhiteFiber Enhances GPU-as-a-Service with DriveNets’ Network Cloud-AI
Partnership with RBC to Fuel Growth and Innovation
Tabar also expressed gratitude to RBC for their support, acknowledging the strategic value of the partnership in unlocking non-dilutive capital for the company’s operations. This move aligns with WhiteFiber’s long-term strategy to expand its data center infrastructure and capitalize on the high demand for AI computing power.
The financing agreement represents a pivotal moment for WhiteFiber as it continues to enhance its capabilities and capacity in the AI data center space. Further details about the financing arrangement will be disclosed in a Current Report on Form 8-K to be filed with the US Securities and Exchange Commission.
