Bitdeer Technologies Group announced the pricing of its US$360.0 million principal amount of 5.25% Convertible Senior Notes due 2029 in a private placement. The company also granted initial purchasers an option to buy up to an additional US$40.0 million principal amount of notes.
The notes will mature on December 1, 2029, and have an initial conversion rate of 62.7126 Class A ordinary shares per US$1,000 principal amount, equivalent to an initial conversion price of approximately US$15.95 per share. This conversion price represents a premium of approximately 42.5% over the last reported sale price of Class A ordinary shares on November 21, 2024.
The estimated net proceeds from the offering are approximately US$348.2 million, or US$387.0 million if the option for additional notes is fully exercised. Bitdeer intends to use these proceeds for datacenter expansion, ASIC-based mining rig development and manufacture, working capital, and other general corporate purposes, including a zero-strike call option transaction and concurrent note exchange transactions for existing 8.50% convertible senior notes.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.