Argo pays 12% on $70 mill loan to start Helios+ With NG at $8.40 mcf, almost triple this time last year, what will be Helios's cost per kwh? Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), announces that Argo Helios LLC ("Argo Helios"), a wholly owned subsidiary of Argo Blockchain plc, has entered into additional loans under Argo's equipment financing agreement (the "Financing Agreement") with NYDIG ABL LLC ("NYDIG"), a wholly owned subsidiary of New York Digital Investment Group LLC.
As part of the additional financing, NYDIG will loan Argo Helios an aggregate principal amount of up to $70.60 million (£56.3 million)*, subject to customary drawdown conditions, to recapitalize the purchase of digital asset mining equipment (the "Financed Equipment") for the Company's flagship cryptocurrency mining facility, Helios, in Dickens County, Texas. Outstanding borrowings under the Financing Agreement are secured by the Financed Equipment and the contracts to acquire the Financed Equipment.
The key terms of each loan are as follows:
Loan Amount Funding Date Interest Rate Loan Maturity
$9.55 million 29 April 2022` 12.00% 10 May 2024
$9.55 million 29 April 2022` 12.00% 10 May 2024
Up to $6.99 million 31 May 2022` 12.00% 10 June 2024
Up to $6.99 million 31 May 2022` 12.00% 10 June 2024
Up to $10.23 million 31 May 2022` 12.00% 10 June 2024
Up to $10.23 million 30 June 2022` 12.00% 10 July 2024
Up to $8.53 million 29 July 2022` 12.00% 10 August 2024
Up to $8.53 million 29 July 2022` 12.00% 10 August 2024