According to TechFlow, on November 22, Bitdeer (NASDAQ: BTDR), a Nasdaq-listed mining company, announced that it would issue $360 million of 5.25% convertible senior notes to qualified institutional investors, with a maturity date of 2029. The initial purchaser can purchase an additional $40 million in principal notes within 13 days of issuance, and the transaction is expected to be completed on November 26.
The initial conversion price of the notes is $15.95 per share, a 42.5% premium to the closing price on November 21. After deducting related expenses, the net proceeds are expected to be approximately $348.2 million. If all additional subscription shares are exercised, the net proceeds will reach $387.0 million. The funds will be used for data center expansion, ASIC mining machine research and development and manufacturing, and daily operations. The company also announced that it has reached an exchange agreement with some holders of 8.50% convertible bonds due in 2029.