According to Odaily, Bitcoin mining company Core Scientific has announced a private placement of convertible senior notes totalling $500 million, set to mature in 2031. The offering is directed towards qualified institutional buyers. Additionally, Core Scientific intends to grant the initial purchasers of the notes an option to buy up to an additional $75 million in principal amount of the notes. This option can be exercised within 13 days from the initial issuance date, including the day of issuance.
Core Scientific plans to utilize the net proceeds from this offering for general corporate purposes. These purposes include working capital, operational expenses, capital expenditures, acquisitions of complementary businesses, or repurchasing its securities. The company aims to strengthen its financial position and support its strategic initiatives through this capital raise. The move reflects Core Scientific's ongoing efforts to optimize its financial structure and enhance its operational capabilities in the competitive Bitcoin mining industry.