Bitdeer plans a private sale issuance of $400 million in convertible bonds and simultaneously repurchase old bonds.

PANews, November 13 – According to GlobeNewswire, Bitdeer (Nasdaq: BTDR) announced plans for a private sale of $400 million in Convertible Senior Notes maturing in 2031, and will provide initial purchasers with up to $60 million in additional issuance options. The company will determine the interest rate and initial conversion rate based on pricing, with the conversion consideration being cash, Class A common stock, or a combination thereof. The funds raised are intended for entering into capped calls with options trading counterparties to hedge dilution, repurchasing its 5.25% convertible bonds due in 2029, as well as for data center expansion, ASIC Mining Rig research and manufacturing, HPC and AI cloud business expansion, and working capital. The company will simultaneously promote the sign up for a direct issuance to partially repurchase the 2029 convertible bonds, with the related transactions being conditional on each other.