According to PANews, Core Scientific, a publicly traded Bitcoin mining company, has announced the pricing of its $400 million 3.00% convertible senior notes due 2029. The initial offering size was set at $350 million but was increased due to favorable market conditions. The notes are scheduled to settle on August 19, 2024, and will be privately issued to qualified institutional buyers. Initial purchasers will have the option to buy an additional $60 million in notes.
Core Scientific expects to raise approximately $386.6 million from this offering, which could reach $445 million if the additional notes are purchased. After repaying $61.2 million in outstanding loans and $150 million in senior secured notes due 2028, the remaining funds will be used for general corporate purposes, including working capital, expenses, and acquisitions.
