TechFlow reported on November 22 that Nasdaq-listed mining company Bitdeer (NASDAQ: BTDR) announced it will issue $360 million in 5.25% convertible senior notes due 2029 to qualified institutional buyers. The initial purchasers have an option to purchase up to an additional $40 million in principal amount of notes within 13 days after the issuance. The transaction is expected to close on November 26.
The initial conversion price of the notes is set at $15.95 per share, representing a 42.5% premium over the closing price on November 21. After deducting related expenses, the company expects to raise approximately $348.2 million in net proceeds, or up to $387.0 million if the full greenshoe option is exercised. The proceeds will be used for data center expansion, ASIC miner research and manufacturing, and general corporate purposes. The company also announced it has entered into exchange agreements with certain holders of its existing 8.50% convertible notes due 2029.
