Bitdeer Technologies Group just announced that it plans to issue US$360 million in 5.25% convertible senior notes to institutional investors. The notes, with a maturity date of 2029, will have an initial conversion price of US$15.95 per share, a 42.5% premium over the closing price on November 21. The company’s announcement comes after reaching an exchange agreement with some holders of 8.50% convertible bonds due in 2029.
The funds raised will be used for data center expansion, ASIC mining machine R&D and manufacturing, and daily operations. The transaction is expected to be completed on November 26, and the initial purchasers may purchase an additional US$40 million principal amount of notes within 13 days of issuance.
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