Foresight News reports that Bitcoin mining company Bitdeer has announced the issuance of $360 million principal 5.25% convertible preferred bonds to qualified institutional buyers through a private placement, with a maturity date of 2029. The company also granted the initial purchasers of the bonds the option to purchase up to an additional $40 million principal of bonds within 13 days from the date of the initial issuance. The sale of the bonds is expected to be completed by November 26, 2024, subject to customary closing conditions.
The company intends to use the remaining net proceeds from this issuance for data center expansion, development and manufacturing of ASIC-based mining equipment, as well as working capital and other general corporate purposes.