Macquarie lends Nscale's Iceland subsidiary $331.9M to buy GPUs, at Term SOFR plus 5.50%

The parties

• Nscalecompany pageBorrower
• Macquarie BankLender

The source

Nscale Form S-1, filed 2026-09-18Regulatory filing

Senior facility agreement dated 2026-07-29; borrower Nscale Services Iceland III ehf; Macquarie Bank Limited (London Branch) as mandated lead arranger, facility agent and security agent. $331.9M delayed-draw term loan at Term SOFR + 5.50%, 0.00% floor, interest paid monthly in cash. Matures 46 months from first utilization. Scheduled monthly amortization, plus additional payments so lenders reach a specified MOIC. Proceeds only for transaction costs and to fund or refinance part of the purchase price of certain GPU assets.

The same parties, other deals

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• Nscale signs a multi-year GPU services agreement with Figure AI and takes a strategic stake in Figureundisclosed · 18 Sept 2026
• Nscale Services UK enters a $1.4B senior secured delayed-draw term loan to finance GPUs, at Term SOFR plus 5.00%$1.4B · 18 Sept 2026
• Nscale enters a revolving credit facility with JPMorgan Chase as agent, upsized from $770M to $900M$900M · 18 Sept 2026