[sheet: Cover]

Field	Value
Document Title	Funds Flow Memorandum — Sources and Uses
Transaction	Ironhaven Data Centers LLC — $950,000,000 Senior Secured Term Loan B
Closing Date	June 3, 2024
Prepared By	Calderwood & Harkness LLP
Matter Number	1043-00001
Billing Code	IHDC-TLB-2024
Crescent Harbor Deal Reference	CHB-LF-2024-0287
CUSIP (Loan)	46283LAA5
Status	FINAL — All wires confirmed
Borrower	Ironhaven Data Centers LLC
Co-Borrower	Ironhaven Frankfurt GmbH
Parent Guarantor	Ironhaven Holdings Inc.
Administrative Agent / Lead Arranger	Crescent Harbor Bank, N.A.
Collateral Agent / Security Trustee	Pinnacle Trust Company, N.A.
Sponsor	Thornfield Capital Partners, LP (via Thornfield Infrastructure Fund III, LP)
Borrower's Counsel (US)	Calderwood & Harkness LLP — Stephanie Okafor, Daniel Obi
Borrower's German Local Counsel	Wendt Falkenberg Rechtsanwälte PartG mbB — Dr. Lukas Wendt
Agent's / Lenders' Counsel	Blackthorn & Sundial Software — Catherine Ellsworth
Signing Date	May 15, 2024
Closing / Funding Date	June 3, 2024
Distribution	Jonathan Pryce-Williams (IHDC GC), Rebecca Sung (IHDC CFO), Natasha Greenfeld (IHDC VP Treasury), Priya Nair (Crescent Harbor), Thomas Beckett (Crescent Harbor), William Hargrove (Pinnacle Trust)

[sheet: Sources]

Line Item No.	Source Description	Payor / Provider	Gross Amount ($)	OID / Discount ($)	Net Amount ($)	Currency	FX Rate	Wire Reference	Notes
1	Term Loan B — USD Tranche Draw	Syndicate Lenders (pro rata per commitments)	675000000	3375000	671625000	USD	N/A	CHB-TLB-USD-060324	USD Tranche: $675,000,000 gross at 99.50 OID (50 bps); net = $675M × 0.995 = $671,625,000
2	Term Loan B — EUR Sub-Tranche Draw (USD equivalent)	NordBrücke AG and other EUR sub-tranche lenders	275000000	1375000	273625000	EUR / USD equiv.	EUR/USD 1.0846	CHB-TLB-EUR-060324	EUR Sub-Tranche: €253,571,429 gross at 99.50 OID; net EUR = €252,303,571; USD equivalent of gross = $275,000,000; net = $273,625,000. Spot rate on Closing Date: 1.0846
3	Thornfield Equity Contribution (Fund III)	Thornfield Infrastructure Fund III, LP	410000000	0	410000000	USD	N/A	TCP-EQ-IHDC-060324	Equity contribution from Thornfield Infrastructure Fund III, LP; wired from Thornfield Capital Partners, LP account at direction of Fund III GP
TOTAL SOURCES	1360000000	4750000	1355250000	Gross: $950M TLB + $410M Equity = $1,360,000,000; Net after OID: $945,250,000 + $410,000,000 = $1,355,250,000

[sheet: Uses]

Line Item No.	Category	Use Description	Payee / Recipient	Amount ($)	Currency	FX Rate	Local Currency Amount	Wire Instructions Ref	Calculation / Notes
1	Construction Escrow	Virginia Campus Construction Escrow (Ironhaven Ashburn I — Phase I)	Pinnacle Trust Company, N.A. (as Escrow Agent)	475000000	USD	N/A	N/A	PINN-ESC-VA-060324	Controlled disbursement per Escrow Agreement; ~142 acres, Loudoun County, VA; Tax Parcels 087-27-1234 & 087-27-1235; estimated Phase I completion Q4 2025
2	Construction Escrow	Frankfurt Campus Construction Escrow (Ironhaven Frankfurt I — Phase I)	NordBrücke AG (as Frankfurt Escrow Bank)	275000000	EUR / USD equiv.	1.0846	€253,571,429	NB-ESC-FRA-060324	Controlled disbursement per Frankfurt Escrow Agreement; Grundbuch von Frankfurt am Main-Ost, Blatt 54321, Flur 12, Flurstück 789; ~18.7 hectares; estimated Phase I completion Q1 2026
3	Debt Payoff	Greystone Mezzanine Fund II, LP — Full Payoff (Principal + Accrued PIK Interest)	Greystone Mezzanine Fund II, LP	132708333	USD	N/A	N/A	GREY-PAY-060324	Principal: $130,000,000; Accrued PIK Interest: $2,708,333.33 (calc: $130M × 12.50% × 60/360, from last payment date April 4, 2024 to June 3, 2024); Total payoff: $132,708,333.33, rounded to $132,708,333 per payoff letter; Greystone Note CUSIP: 39817MAB3; UCC-3 termination to be filed with Delaware Secretary of State
4	Transaction Fees — Arranger/Agent	Arrangement Fee — Crescent Harbor Bank, N.A.	Crescent Harbor Bank, N.A.	14250000	USD	N/A	N/A	CHB-ARR-060324	$950,000,000 × 1.50% = $14,250,000 per Fee Letter dated February 28, 2024
5	Transaction Fees — Arranger/Agent	Ticking Fee (March 15, 2024 — June 3, 2024)	Crescent Harbor Bank, N.A. (for distribution to Lenders pro rata)	527778	USD	N/A	N/A	CHB-TICK-060324	$950,000,000 × 0.25% × (80/360) = $527,777.78, rounded to $527,778; ticking period: syndication launch (March 15, 2024) to closing (June 3, 2024) = 80 days
6	Transaction Fees — Arranger/Agent	Administrative Agent Fee — Year 1 (Crescent Harbor Bank, N.A.)	Crescent Harbor Bank, N.A.	175000	USD	N/A	N/A	CHB-AGT-060324	$175,000 per annum; Year 1 paid at closing per Fee Letter
7	Transaction Fees — Arranger/Agent	Collateral Agent / Security Trustee Fee — Year 1 (Pinnacle Trust Company, N.A.)	Pinnacle Trust Company, N.A.	200000	USD	N/A	N/A	PINN-AGT-060324	$125,000 (domestic) + $75,000 (German parallel-debt/security trustee) = $200,000 per annum; Year 1 paid at closing
8	Transaction Fees — Legal	Calderwood & Harkness LLP — Legal Fees (Borrower's US Counsel)	Calderwood & Harkness LLP	2850000	USD	N/A	N/A	SC-FEE-060324	Estimated closing payment per engagement letter; Matter No. 1043-00001; Billing Code: IHDC-TLB-2024; Responsible Partner: Stephanie Okafor; Billing Partner: Philip Hartmann
9	Transaction Fees — Legal	Wendt Falkenberg Rechtsanwälte PartG mbB — Legal Fees (Borrower's German Local Counsel)	Wendt Falkenberg Rechtsanwälte PartG mbB	417725	EUR / USD equiv.	1.0846	€385,000	WF-FEE-060324	€385,000 × 1.0846 = $417,725 (rounded to nearest dollar); Dr. Lukas Wendt & Julia Falkenberg
10	Transaction Fees — Legal	Blackthorn & Sundial Software — Legal Fees (Agent's / Lenders' Counsel; funded by Borrower)	Blackthorn & Sundial Software	1975000	USD	N/A	N/A	BS-FEE-060324	Lender's counsel fees funded by Borrower per commitment letter; Lead Partner: Catherine Ellsworth; German counsel: Maximilian Roth (Frankfurt office)
11	Transaction Fees — Other	Other Transaction Costs (title insurance, recording fees, appraisals, environmental assessments, private credit rating, insurance premiums)	Various (see detail sub-schedule)	11896164	USD	N/A	N/A	Various	Includes: Keystone Title Guaranty Company (title insurance, $475M coverage, Virginia campus — Raymond Hobbs); Loudoun County recording fees; Meridian Valuation Group, LLC (MAI appraisals — Howard Finch); Greenline Environmental Solutions, Inc. (Phase I & II ESA — Dr. Ramon Quelibo); Sentinel Ratings International, LLC (private credit estimate — Lorraine Dupont); Calloway & Strand Insurance Brokers, Inc. (builder's risk, property, GL, BI premiums — Patricia Calloway); Ashford & Mercer LLP (audit-related comfort — Angela Whitfield)
12	Working Capital	Working Capital and General Corporate Purposes	Ironhaven Data Centers LLC — Operating Account at Crescent Harbor Bank, N.A.	37500000	USD	N/A	N/A	IHDC-WC-060324	Per Use of Proceeds schedule in Credit Agreement
13	Cash Reserve	Unrestricted Cash Reserve (on balance sheet)	Ironhaven Data Centers LLC — Reserve Account at Crescent Harbor Bank, N.A.	402750000	USD	N/A	N/A	IHDC-RES-060324	Residual funds after all other uses; contributes to $62.5M unrestricted cash used in Net Total Debt calculation plus remaining equity contribution reserves; supports pro forma balance sheet
TOTAL USES	1355250000	Must equal Total Net Sources: $1,355,250,000

[sheet: Lender Commitments]

Lender	Entity Type	Jurisdiction	Tranche	Gross Commitment ($)	% of Total	OID (50 bps) ($)	Net Funding Amount ($)	Upfront Fee (50 bps) ($)	Ticking Fee Allocation ($)	Key Contact	Wire Instructions Ref
Crescent Harbor Bank, N.A.	National Banking Association	United States (OCC)	USD Tranche	200000000	21.05%	1000000	199000000	1000000	111111	Martin Gallagher, MD / Priya Nair, Director	CHB-SELF-060324
Ridgeline National Bank	National Banking Association	United States (OCC)	USD Tranche	175000000	18.42%	875000	174125000	875000	97222	Sarah Dalmqvist, Director	RNB-FUND-060324
Marlowe Asset Management Meridian Capital, LLC	Delaware LLC (credit fund)	Delaware	USD Tranche	150000000	15.79%	750000	149250000	750000	83333	Robert Jennings, Portfolio Manager	VMC-FUND-060324
Atlas Peak Credit Partners, LP	Delaware LP (credit fund)	Delaware	USD Tranche	125000000	13.16%	625000	124375000	625000	69444	Christine Fahey, Managing Director	APCP-FUND-060324
NordBrücke AG	Aktiengesellschaft (BaFin-regulated)	Germany (Frankfurt am Main)	EUR Sub-Tranche	150000000	15.79%	750000	149250000	750000	83333	Dr. Stefan Kleinhans, Head of Structured & Acquisition Finance	NB-FUND-060324
Pacific Rim Institutional Lending Corp.	Delaware Corporation (CLO subsidiary)	Delaware	USD Tranche	75000000	7.89%	375000	74625000	375000	41667	James Tanaka, Vice President	PRIL-FUND-060324
Osprey Insurance Capital, Ltd.	Bermuda Exempted Company	Bermuda	USD Tranche	75000000	7.89%	375000	74625000	375000	41667	Fiona Abernathy, Head of Credit Investments	OSPREY-FUND-060324
TOTAL	950000000	100.00%	4750000	945250000	4750000	527778

[sheet: Sources Uses Reconciliation]

Item

SOURCES

Term Loan B — Net Proceeds (after OID)	945250000	$950,000,000 × 99.50% = $945,250,000
Thornfield Equity Contribution (Fund III)	410000000	Thornfield Infrastructure Fund III, LP
Total Net Sources	1355250000

USES

Virginia Campus Construction Escrow	475000000	Phase I: 60 MW of 120 MW planned; ~142 acres; est. completion Q4 2025
Frankfurt Campus Construction Escrow	275000000	Phase I: 40 MW of 80 MW planned; ~18.7 hectares; est. completion Q1 2026; €253,571,429 at EUR/USD 1.0846
Greystone Mezzanine Fund II Payoff	132708333	$130M principal + $2,708,333 PIK interest (12.50% × 60/360)
Arrangement Fee (Crescent Harbor)	14250000	$950M × 1.50%
Ticking Fee	527778	$950M × 0.25% × (80/360); March 15 — June 3, 2024
Administrative Agent Fee (Year 1)	175000	Crescent Harbor Bank, N.A.
Collateral Agent / Security Trustee Fee (Year 1)	200000	Pinnacle Trust Company, N.A. ($125K domestic + $75K German)
Calderwood & Harkness LLP Legal Fees	2850000	Borrower's US Counsel
Wendt Falkenberg Legal Fees	417725	Borrower's German Counsel; €385,000 at 1.0846
Blackthorn & Sundial Software Legal Fees	1975000	Agent's / Lenders' Counsel (Borrower-funded)
Other Transaction Costs	11896164	Title, recording, appraisal, environmental, rating, insurance
Working Capital / General Corporate	37500000	Per Credit Agreement Use of Proceeds
Unrestricted Cash Reserve	402750000	Residual on balance sheet
Total Uses	1355250000
BALANCE CHECK	0	Total Net Sources − Total Uses = $0 (balanced)

PRO FORMA CAPITALIZATION

Adjusted EBITDA (LTM 3/31/2024)	165800000	Per Borrower's financial statements; Ashford & Mercer LLP audited
Term Loan B (Gross)	950000000	5.73x EBITDA
Existing Super-Senior Revolver (undrawn)	100000000	Committed; $0 drawn; Crescent Harbor Bank, N.A.
Less: Unrestricted Cash	-62500000	On balance sheet at closing
Net Total Debt	887500000	5.35x EBITDA
Equity Contribution	410000000	Thornfield Infrastructure Fund III, LP
Total Capitalization	1360000000
Pro Forma Net Leverage Ratio	5.35x	$887.5M ÷ $165.8M = 5.35x (below 6.00x covenant maximum)
Maximum Net Leverage Ratio Covenant	6.00x	Tested quarterly from September 30, 2024
Minimum Interest Coverage Ratio Covenant	2.00x	Tested quarterly from September 30, 2024
Headroom to Leverage Covenant	0.65x	6.00x − 5.35x = 0.65x turns

[sheet: Other Transaction Costs Detail]

Line Item No.	Cost Category	Payee	Key Contact	Amount ($)	Notes
1	Title Insurance Premium (Virginia Campus)	Keystone Title Guaranty Company	Raymond Hobbs, VP	3250000	ALTA Lender's Title Insurance Policy; $475,000,000 coverage; Loudoun County parcels 087-27-1234 & 087-27-1235
2	Recording Fees — Deed of Trust (Virginia)	Loudoun County Circuit Court	N/A	485000	Deed of Trust, fixture filing, and related documents; Loudoun County, VA
3	UCC Filing Fees (Delaware & Virginia)	Delaware Secretary of State / Loudoun County	N/A	12500	UCC-1 filings for IHDC and Ironhaven Holdings Inc. (Delaware); fixture filing (Loudoun County)
4	Appraisal Fees (Both Campuses)	Meridian Valuation Group, LLC	Howard Finch, MAI	475000	MAI appraisals for Virginia and Frankfurt campuses
5	Environmental Assessment Fees	Greenline Environmental Solutions, Inc.	Dr. Ramon Quelibo	385000	Phase I and Phase II environmental site assessments; zoning & building code compliance review (both campuses)
6	Private Credit Rating	Sentinel Ratings International, LLC	Lorraine Dupont, MD	350000	Private credit estimate for syndication purposes (not published)
7	Insurance Premiums (Year 1 — Builder's Risk, Property, GL, BI)	Calloway & Strand Insurance Brokers, Inc. (placing with carriers)	Patricia Calloway, MD	5750000	Builder's risk, property, general liability, and business interruption policies for both campuses; Pinnacle Trust Company, N.A. named as loss payee and additional insured
8	German Notarization Fees (Grundschuld, Share Pledge)	Frankfurt Notar (via Wendt Falkenberg)	Dr. Lukas Wendt / Julia Falkenberg	625000	Notarized Grundschuldbestellungsurkunde and Anteilsverpfändungsvertrag; Grundbuchamt filing fees
9	German Transparenzregister and Handelsregister Fees	Various German authorities	N/A	8664	Filing fees for Transparenzregister and related Handelsregister extracts for IHDC Frankfurt (HRB 129457)
10	Miscellaneous (courier, printing, closing expenses)	Various	N/A	555000	Closing logistics, document production, courier, and overnight delivery costs
TOTAL OTHER TRANSACTION COSTS	11896164	Ties to Line Item 11 on Uses sheet

[sheet: Cover]
Field | Value
Document Title | Funds Flow Memorandum — Sources and Uses
Transaction | Ironhaven Data Centers LLC — $950,000,000 Senior Secured Term Loan B
Closing Date | June 3, 2024
Prepared By | Calderwood & Harkness LLP
Matter Number | 1043-00001
Billing Code | IHDC-TLB-2024
Crescent Harbor Deal Reference | CHB-LF-2024-0287
CUSIP (Loan) | 46283LAA5
Status | FINAL — All wires confirmed
Borrower | Ironhaven Data Centers LLC
Co-Borrower | Ironhaven Frankfurt GmbH
Parent Guarantor | Ironhaven Holdings Inc.
Administrative Agent / Lead Arranger | Crescent Harbor Bank, N.A.
Collateral Agent / Security Trustee | Pinnacle Trust Company, N.A.
Sponsor | Thornfield Capital Partners, LP (via Thornfield Infrastructure Fund III, LP)
Borrower's Counsel (US) | Calderwood & Harkness LLP — Stephanie Okafor, Daniel Obi
Borrower's German Local Counsel | Wendt Falkenberg Rechtsanwälte PartG mbB — Dr. Lukas Wendt
Agent's / Lenders' Counsel | Blackthorn & Sundial Software — Catherine Ellsworth
Signing Date | May 15, 2024
Closing / Funding Date | June 3, 2024
Distribution | Jonathan Pryce-Williams (IHDC GC), Rebecca Sung (IHDC CFO), Natasha Greenfeld (IHDC VP Treasury), Priya Nair (Crescent Harbor), Thomas Beckett (Crescent Harbor), William Hargrove (Pinnacle Trust)
[sheet: Sources]
Line Item No. | Source Description | Payor / Provider | Gross Amount ($) | OID / Discount ($) | Net Amount ($) | Currency | FX Rate | Wire Reference | Notes
1 | Term Loan B — USD Tranche Draw | Syndicate Lenders (pro rata per commitments) | 675000000 | 3375000 | 671625000 | USD | N/A | CHB-TLB-USD-060324 | USD Tranche: $675,000,000 gross at 99.50 OID (50 bps); net = $675M × 0.995 = $671,625,000
2 | Term Loan B — EUR Sub-Tranche Draw (USD equivalent) | NordBrücke AG and other EUR sub-tranche lenders | 275000000 | 1375000 | 273625000 | EUR / USD equiv. | EUR/USD 1.0846 | CHB-TLB-EUR-060324 | EUR Sub-Tranche: €253,571,429 gross at 99.50 OID; net EUR = €252,303,571; USD equivalent of gross = $275,000,000; net = $273,625,000. Spot rate on Closing Date: 1.0846
3 | Thornfield Equity Contribution (Fund III) | Thornfield Infrastructure Fund III, LP | 410000000 | 0 | 410000000 | USD | N/A | TCP-EQ-IHDC-060324 | Equity contribution from Thornfield Infrastructure Fund III, LP; wired from Thornfield Capital Partners, LP account at direction of Fund III GP
TOTAL SOURCES | 1360000000 | 4750000 | 1355250000 | Gross: $950M TLB + $410M Equity = $1,360,000,000; Net after OID: $945,250,000 + $410,000,000 = $1,355,250,000
[sheet: Uses]
Line Item No. | Category | Use Description | Payee / Recipient | Amount ($) | Currency | FX Rate | Local Currency Amount | Wire Instructions Ref | Calculation / Notes
1 | Construction Escrow | Virginia Campus Construction Escrow (Ironhaven Ashburn I — Phase I) | Pinnacle Trust Company, N.A. (as Escrow Agent) | 475000000 | USD | N/A | N/A | PINN-ESC-VA-060324 | Controlled disbursement per Escrow Agreement; ~142 acres, Loudoun County, VA; Tax Parcels 087-27-1234 & 087-27-1235; estimated Phase I completion Q4 2025
2 | Construction Escrow | Frankfurt Campus Construction Escrow (Ironhaven Frankfurt I — Phase I) | NordBrücke AG (as Frankfurt Escrow Bank) | 275000000 | EUR / USD equiv. | 1.0846 | €253,571,429 | NB-ESC-FRA-060324 | Controlled disbursement per Frankfurt Escrow Agreement; Grundbuch von Frankfurt am Main-Ost, Blatt 54321, Flur 12, Flurstück 789; ~18.7 hectares; estimated Phase I completion Q1 2026
3 | Debt Payoff | Greystone Mezzanine Fund II, LP — Full Payoff (Principal + Accrued PIK Interest) | Greystone Mezzanine Fund II, LP | 132708333 | USD | N/A | N/A | GREY-PAY-060324 | Principal: $130,000,000; Accrued PIK Interest: $2,708,333.33 (calc: $130M × 12.50% × 60/360, from last payment date April 4, 2024 to June 3, 2024); Total payoff: $132,708,333.33, rounded to $132,708,333 per payoff letter; Greystone Note CUSIP: 39817MAB3; UCC-3 termination to be filed with Delaware Secretary of State
4 | Transaction Fees — Arranger/Agent | Arrangement Fee — Crescent Harbor Bank, N.A. | Crescent Harbor Bank, N.A. | 14250000 | USD | N/A | N/A | CHB-ARR-060324 | $950,000,000 × 1.50% = $14,250,000 per Fee Letter dated February 28, 2024
5 | Transaction Fees — Arranger/Agent | Ticking Fee (March 15, 2024 — June 3, 2024) | Crescent Harbor Bank, N.A. (for distribution to Lenders pro rata) | 527778 | USD | N/A | N/A | CHB-TICK-060324 | $950,000,000 × 0.25% × (80/360) = $527,777.78, rounded to $527,778; ticking period: syndication launch (March 15, 2024) to closing (June 3, 2024) = 80 days
6 | Transaction Fees — Arranger/Agent | Administrative Agent Fee — Year 1 (Crescent Harbor Bank, N.A.) | Crescent Harbor Bank, N.A. | 175000 | USD | N/A | N/A | CHB-AGT-060324 | $175,000 per annum; Year 1 paid at closing per Fee Letter
7 | Transaction Fees — Arranger/Agent | Collateral Agent / Security Trustee Fee — Year 1 (Pinnacle Trust Company, N.A.) | Pinnacle Trust Company, N.A. | 200000 | USD | N/A | N/A | PINN-AGT-060324 | $125,000 (domestic) + $75,000 (German parallel-debt/security trustee) = $200,000 per annum; Year 1 paid at closing
8 | Transaction Fees — Legal | Calderwood & Harkness LLP — Legal Fees (Borrower's US Counsel) | Calderwood & Harkness LLP | 2850000 | USD | N/A | N/A | SC-FEE-060324 | Estimated closing payment per engagement letter; Matter No. 1043-00001; Billing Code: IHDC-TLB-2024; Responsible Partner: Stephanie Okafor; Billing Partner: Philip Hartmann
9 | Transaction Fees — Legal | Wendt Falkenberg Rechtsanwälte PartG mbB — Legal Fees (Borrower's German Local Counsel) | Wendt Falkenberg Rechtsanwälte PartG mbB | 417725 | EUR / USD equiv. | 1.0846 | €385,000 | WF-FEE-060324 | €385,000 × 1.0846 = $417,725 (rounded to nearest dollar); Dr. Lukas Wendt & Julia Falkenberg
10 | Transaction Fees — Legal | Blackthorn & Sundial Software — Legal Fees (Agent's / Lenders' Counsel; funded by Borrower) | Blackthorn & Sundial Software | 1975000 | USD | N/A | N/A | BS-FEE-060324 | Lender's counsel fees funded by Borrower per commitment letter; Lead Partner: Catherine Ellsworth; German counsel: Maximilian Roth (Frankfurt office)
11 | Transaction Fees — Other | Other Transaction Costs (title insurance, recording fees, appraisals, environmental assessments, private credit rating, insurance premiums) | Various (see detail sub-schedule) | 11896164 | USD | N/A | N/A | Various | Includes: Keystone Title Guaranty Company (title insurance, $475M coverage, Virginia campus — Raymond Hobbs); Loudoun County recording fees; Meridian Valuation Group, LLC (MAI appraisals — Howard Finch); Greenline Environmental Solutions, Inc. (Phase I & II ESA — Dr. Ramon Quelibo); Sentinel Ratings International, LLC (private credit estimate — Lorraine Dupont); Calloway & Strand Insurance Brokers, Inc. (builder's risk, property, GL, BI premiums — Patricia Calloway); Ashford & Mercer LLP (audit-related comfort — Angela Whitfield)
12 | Working Capital | Working Capital and General Corporate Purposes | Ironhaven Data Centers LLC — Operating Account at Crescent Harbor Bank, N.A. | 37500000 | USD | N/A | N/A | IHDC-WC-060324 | Per Use of Proceeds schedule in Credit Agreement
13 | Cash Reserve | Unrestricted Cash Reserve (on balance sheet) | Ironhaven Data Centers LLC — Reserve Account at Crescent Harbor Bank, N.A. | 402750000 | USD | N/A | N/A | IHDC-RES-060324 | Residual funds after all other uses; contributes to $62.5M unrestricted cash used in Net Total Debt calculation plus remaining equity contribution reserves; supports pro forma balance sheet
TOTAL USES | 1355250000 | Must equal Total Net Sources: $1,355,250,000
[sheet: Lender Commitments]
Lender | Entity Type | Jurisdiction | Tranche | Gross Commitment ($) | % of Total | OID (50 bps) ($) | Net Funding Amount ($) | Upfront Fee (50 bps) ($) | Ticking Fee Allocation ($) | Key Contact | Wire Instructions Ref
Crescent Harbor Bank, N.A. | National Banking Association | United States (OCC) | USD Tranche | 200000000 | 21.05% | 1000000 | 199000000 | 1000000 | 111111 | Martin Gallagher, MD / Priya Nair, Director | CHB-SELF-060324
Ridgeline National Bank | National Banking Association | United States (OCC) | USD Tranche | 175000000 | 18.42% | 875000 | 174125000 | 875000 | 97222 | Sarah Dalmqvist, Director | RNB-FUND-060324
Marlowe Asset Management Meridian Capital, LLC | Delaware LLC (credit fund) | Delaware | USD Tranche | 150000000 | 15.79% | 750000 | 149250000 | 750000 | 83333 | Robert Jennings, Portfolio Manager | VMC-FUND-060324
Atlas Peak Credit Partners, LP | Delaware LP (credit fund) | Delaware | USD Tranche | 125000000 | 13.16% | 625000 | 124375000 | 625000 | 69444 | Christine Fahey, Managing Director | APCP-FUND-060324
NordBrücke AG | Aktiengesellschaft (BaFin-regulated) | Germany (Frankfurt am Main) | EUR Sub-Tranche | 150000000 | 15.79% | 750000 | 149250000 | 750000 | 83333 | Dr. Stefan Kleinhans, Head of Structured & Acquisition Finance | NB-FUND-060324
Pacific Rim Institutional Lending Corp. | Delaware Corporation (CLO subsidiary) | Delaware | USD Tranche | 75000000 | 7.89% | 375000 | 74625000 | 375000 | 41667 | James Tanaka, Vice President | PRIL-FUND-060324
Osprey Insurance Capital, Ltd. | Bermuda Exempted Company | Bermuda | USD Tranche | 75000000 | 7.89% | 375000 | 74625000 | 375000 | 41667 | Fiona Abernathy, Head of Credit Investments | OSPREY-FUND-060324
TOTAL | 950000000 | 100.00% | 4750000 | 945250000 | 4750000 | 527778
[sheet: Sources Uses Reconciliation]
Item | Amount ($) | Reference
SOURCES
Term Loan B — Net Proceeds (after OID) | 945250000 | $950,000,000 × 99.50% = $945,250,000
Thornfield Equity Contribution (Fund III) | 410000000 | Thornfield Infrastructure Fund III, LP
Total Net Sources | 1355250000
USES
Virginia Campus Construction Escrow | 475000000 | Phase I: 60 MW of 120 MW planned; ~142 acres; est. completion Q4 2025
Frankfurt Campus Construction Escrow | 275000000 | Phase I: 40 MW of 80 MW planned; ~18.7 hectares; est. completion Q1 2026; €253,571,429 at EUR/USD 1.0846
Greystone Mezzanine Fund II Payoff | 132708333 | $130M principal + $2,708,333 PIK interest (12.50% × 60/360)
Arrangement Fee (Crescent Harbor) | 14250000 | $950M × 1.50%
Ticking Fee | 527778 | $950M × 0.25% × (80/360); March 15 — June 3, 2024
Administrative Agent Fee (Year 1) | 175000 | Crescent Harbor Bank, N.A.
Collateral Agent / Security Trustee Fee (Year 1) | 200000 | Pinnacle Trust Company, N.A. ($125K domestic + $75K German)
Calderwood & Harkness LLP Legal Fees | 2850000 | Borrower's US Counsel
Wendt Falkenberg Legal Fees | 417725 | Borrower's German Counsel; €385,000 at 1.0846
Blackthorn & Sundial Software Legal Fees | 1975000 | Agent's / Lenders' Counsel (Borrower-funded)
Other Transaction Costs | 11896164 | Title, recording, appraisal, environmental, rating, insurance
Working Capital / General Corporate | 37500000 | Per Credit Agreement Use of Proceeds
Unrestricted Cash Reserve | 402750000 | Residual on balance sheet
Total Uses | 1355250000
BALANCE CHECK | 0 | Total Net Sources − Total Uses = $0 (balanced)
PRO FORMA CAPITALIZATION
Adjusted EBITDA (LTM 3/31/2024) | 165800000 | Per Borrower's financial statements; Ashford & Mercer LLP audited
Term Loan B (Gross) | 950000000 | 5.73x EBITDA
Existing Super-Senior Revolver (undrawn) | 100000000 | Committed; $0 drawn; Crescent Harbor Bank, N.A.
Less: Unrestricted Cash | -62500000 | On balance sheet at closing
Net Total Debt | 887500000 | 5.35x EBITDA
Equity Contribution | 410000000 | Thornfield Infrastructure Fund III, LP
Total Capitalization | 1360000000
Pro Forma Net Leverage Ratio | 5.35x | $887.5M ÷ $165.8M = 5.35x (below 6.00x covenant maximum)
Maximum Net Leverage Ratio Covenant | 6.00x | Tested quarterly from September 30, 2024
Minimum Interest Coverage Ratio Covenant | 2.00x | Tested quarterly from September 30, 2024
Headroom to Leverage Covenant | 0.65x | 6.00x − 5.35x = 0.65x turns
[sheet: Other Transaction Costs Detail]
Line Item No. | Cost Category | Payee | Key Contact | Amount ($) | Notes
1 | Title Insurance Premium (Virginia Campus) | Keystone Title Guaranty Company | Raymond Hobbs, VP | 3250000 | ALTA Lender's Title Insurance Policy; $475,000,000 coverage; Loudoun County parcels 087-27-1234 & 087-27-1235
2 | Recording Fees — Deed of Trust (Virginia) | Loudoun County Circuit Court | N/A | 485000 | Deed of Trust, fixture filing, and related documents; Loudoun County, VA
3 | UCC Filing Fees (Delaware & Virginia) | Delaware Secretary of State / Loudoun County | N/A | 12500 | UCC-1 filings for IHDC and Ironhaven Holdings Inc. (Delaware); fixture filing (Loudoun County)
4 | Appraisal Fees (Both Campuses) | Meridian Valuation Group, LLC | Howard Finch, MAI | 475000 | MAI appraisals for Virginia and Frankfurt campuses
5 | Environmental Assessment Fees | Greenline Environmental Solutions, Inc. | Dr. Ramon Quelibo | 385000 | Phase I and Phase II environmental site assessments; zoning & building code compliance review (both campuses)
6 | Private Credit Rating | Sentinel Ratings International, LLC | Lorraine Dupont, MD | 350000 | Private credit estimate for syndication purposes (not published)
7 | Insurance Premiums (Year 1 — Builder's Risk, Property, GL, BI) | Calloway & Strand Insurance Brokers, Inc. (placing with carriers) | Patricia Calloway, MD | 5750000 | Builder's risk, property, general liability, and business interruption policies for both campuses; Pinnacle Trust Company, N.A. named as loss payee and additional insured
8 | German Notarization Fees (Grundschuld, Share Pledge) | Frankfurt Notar (via Wendt Falkenberg) | Dr. Lukas Wendt / Julia Falkenberg | 625000 | Notarized Grundschuldbestellungsurkunde and Anteilsverpfändungsvertrag; Grundbuchamt filing fees
9 | German Transparenzregister and Handelsregister Fees | Various German authorities | N/A | 8664 | Filing fees for Transparenzregister and related Handelsregister extracts for IHDC Frankfurt (HRB 129457)
10 | Miscellaneous (courier, printing, closing expenses) | Various | N/A | 555000 | Closing logistics, document production, courier, and overnight delivery costs
TOTAL OTHER TRANSACTION COSTS | 11896164 | Ties to Line Item 11 on Uses sheet

[sheet: Cover]

SOURCES

PRO FORMA CAPITALIZATION

Record

Parties

Dates

Amounts