PANews reported on November 22 that according to Globenewswire, Bitcoin mining company Bitdeer announced that it would issue $360 million in principal of 5.25% convertible senior notes to qualified institutional buyers in a private placement, with a maturity date of 2029. The company also granted the initial purchaser of the notes the option to purchase up to an additional $40 million in principal within 13 days of the first issuance of the notes. The sale of the notes is expected to be completed on November 26, 2024, subject to customary closing conditions.
The Company estimates that the net proceeds from this offering will be approximately $348.2 million (or approximately $387.0 million if the initial purchasers elect to purchase additional notes in full), after deducting the initial purchasers' discounts and estimated offering expenses payable by the Company. The Company intends to use a portion of the net proceeds from this offering to pay for the cost of the zero-strike call option transactions and to pay the cash consideration for the concurrent note exchange transactions that the Company has entered into.
