PANews reported on December 3 that Core Scientific, a leader in Bitcoin mining and high-performance computing infrastructure (Nasdaq: CORZ), announced plans to issue $500 million in convertible senior notes through a private placement, maturing on June 15, 2031. The initial purchasers also have the option to purchase an additional $75 million in notes.
These notes are unsecured debt, paying interest semi-annually, and can be converted under certain conditions into cash, common stock of the company, or a combination of both. The company plans to use the proceeds for working capital, operating expenses, capital expenditures, acquisitions of related businesses, or repurchases of securities.
This note issuance is unregistered and is available to institutional investors who qualify for exemptions under the Securities Act of 1933. Core Scientific is committed to expanding its digital asset mining and high-performance computing business, currently operating data centers in multiple states, with some facilities shifting to support AI-related workloads.