TeraWulf Inc. (WULF), a digital asset technology company, on Thursday announced an upsizing and pricing of a private offering of $425 million principal amount of 2.75 percent convertible senior notes, due 2030. The offering is expected to be closed on October 25.
In addition, the company also announced a concurrent 17.97 million share repurchase for around $115 million from purchasers of the notes at $6.40, the closing per share price on the Nasdaq as of October 23.
In connection with the notes offering, the firm has entered into capped call transactions with an initial cap price of $12.80 per share, which represents a 100 percent premium to the closing price of WULF share on October 23.
TeraWulf has granted the initial purchasers of the notes an option to purchase up to an additional $75 million of notes.
The company expects net proceeds from the notes offering at around $414.9 million, or approximately $488.1 million, if the initial purchasers exercise their option to purchase additional notes in full.
TeraWulf intends to use around $51 million of the net proceeds from the offering to pay the cost of the capped call transactions, $115 million for share repurchase, and the remainder for general corporate purpose.
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