CoreWeave, Inc. (CRWV), an artificial intelligence cloud computing company, on Monday announced its intention to offer $2 billion of convertible senior notes due 2031 in a private placement.
The notes will pay interest semi-annually in cash and will mature on December 1, 2031.
The company plans to grant the initial purchasers an option to buy up to an additional $300 million of notes.
The company intends to use a portion of the proceeds to fund capped call transactions designed to reduce potential dilution upon conversion.
The rest of the proceeds will go toward general corporate needs, and the company will add more capped call transactions if buyers take up the option for additional notes.
The notes will be senior, unsecured obligations of the company and will be fully and unconditionally guaranteed by its subsidiaries that guarantee the company's existing 2030 and 2031 senior notes.
The interest rate, initial conversion rate and other pricing terms will be determined when the offering is priced.
In the pre-market trading, CoreWeave is 6.57% lesser at $82.50 on the Nasdaq.
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