PANews, November 22 - According to Globenewswire, Bitcoin mining company Bitdeer announced a private placement of $360 million principal of 5.25% convertible senior notes to qualified institutional buyers, maturing in 2029. The company also granted the initial purchasers of the notes an option to purchase up to an additional $40 million principal of notes within 13 days from the date of the initial issuance. The sale of the notes is expected to be completed by November 26, 2024, subject to customary closing conditions.
The company estimates that after deducting the initial purchasers' discounts and the estimated issuance costs payable by the company, the net proceeds from this issuance will be approximately $348.2 million (if the initial purchasers choose to fully purchase the additional bonds, the net proceeds will be approximately $387.0 million). The company plans to use a portion of the net proceeds from this issuance to pay for the costs of zero-exercise price call option transactions and to pay cash consideration for bond exchange transactions that the company has already signed.
