Bitdeer Technologies Group (BTDR), a technology company for Bitcoin mining and AI cloud, on Thursday announced the pricing of a private offering of $400 million principal amount of 4% convertible senior notes due 2031. The sale of the notes is expected to close on November 17.
Bitdeer also granted the initial purchasers of the notes an option to purchase up to an additional $60 million of notes.
The company expects the net proceeds from the notes offering to be around $388 million, or approximately $446.4 million, if the initial purchasers exercise their option to purchase additional notes in full.
Bitdeer intends to use these net proceeds to pay the cost of the capped call transactions and pay the cost to repurchase Bitdeer's 5.25% convertible senior notes due 2029.
In addition, Bitdeer intends to use the remaining net proceeds for datacenter expansion, working capital, and other general corporate purposes.
BTDR was down by 22.17% at $10.85 in the pre-market trade on the Nasdaq.
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