PANews reported on August 14 that according to Bitcoin.com, the listed Bitcoin mining company Core Scientific announced plans to issue $350 million in convertible senior notes. The issuance is expected to be completed in September 2029, and the funds raised will be mainly used to repay debts and other necessary corporate expenses. On Tuesday, Core Scientific outlined plans to use the proceeds to repay existing loans and redeem senior secured notes due in 2028. The notes will be sold privately to institutional investors, and Core Scientific has the option to expand the issuance by an additional $52.5 million. These unsecured notes accrue interest every six months and can be converted into cash or common stock. The remaining funds will be used to support various corporate activities, including acquisitions and operating expenses.
Core Scientific's strategy allows investors to request the repurchase of the notes when certain key changes occur within the company. In addition, the company also has the right to redeem the notes under certain conditions. The company emphasized that this financial move is part of its broader strategy to optimize its capital structure while maintaining financial flexibility.
