Bitdeer Applied sciences Group priced an upsized personal providing of $330 million in convertible senior notes due 2031. The Singapore-based bitcoin mining firm elevated the providing dimension from an initially introduced $300 million.
Bitdeer Upsizes Convertible Word Providing
The 4.875% notes, maturing July 1, 2031, have been offered to certified institutional consumers. Preliminary purchasers maintain a 13-day choice to purchase as much as a further $45 million principal quantity. The sale is anticipated to shut on June 23, 2025. The bitcoin mining firm stated the notes are convertible into Class A extraordinary shares at an preliminary value of roughly $15.88 per share, representing a 25% premium over the June 17 closing value.
Bitdeer estimates web proceeds of roughly $319.6 million, or $363.3 million if the choice is absolutely exercised. After deducting charges and bills, the corporate plans three main makes use of: $129.6 million to pay for a associated zero-strike name choice transaction, $36.1 million for money consideration in concurrent observe exchanges, and the rest for knowledge middle enlargement, ASIC-based mining rig growth, manufacturing, working capital, and basic company functions.
Concurrently with the pricing, Bitdeer entered a zero-strike name choice transaction with an affiliate of an preliminary purchaser. The corporate paid a $129.6 million premium for the best to obtain roughly 10.2 million shares at expiry. This transaction facilitates hedging actions by sure observe buyers, which may affect the market value of Bitdeer shares or notes.
Bitdeer additionally accomplished personal transactions exchanging roughly $75.7 million principal quantity of its present 8.50% notes due 2029 for $36.1 million in money and eight.1 million Class A extraordinary shares. The corporate famous holders of the exchanged notes unwinding hedges may considerably affect its share value.
Bitdeer (Nasdaq: BTDR) has hit a tough patch this yr, with shares slipping 6.5% in simply the previous day. During the last 5 buying and selling periods, the bitcoin miner has seen its worth drop by greater than 14%, and since January, it’s taken a success of over 45%. However right here’s the twist: regardless of the current stoop, BTDR continues to be sitting fairly with a 27% acquire since its market debut.
