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 Notice Providing
The 4.875% notes, maturing July 1, 2031, have been offered to certified institutional patrons. Preliminary purchasers maintain a 13-day possibility to purchase as much as a further $45 million principal quantity. The sale is predicted to shut on June 23, 2025. The bitcoin mining firm mentioned the notes are convertible into Class A odd shares at an preliminary worth of roughly $15.88 per share, representing a 25% premium over the June 17 closing worth.
Bitdeer estimates internet proceeds of roughly $319.6 million, or $363.3 million if the choice is totally 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 possibility transaction, $36.1 million for money consideration in concurrent observe exchanges, and the rest for information middle growth, ASIC-based mining rig growth, manufacturing, working capital, and common company functions.
Concurrently with the pricing, Bitdeer entered a zero-strike name possibility transaction with an affiliate of an preliminary purchaser. The corporate paid a $129.6 million premium for the fitting to obtain roughly 10.2 million shares at expiry. This transaction facilitates hedging actions by sure observe buyers, which might influence the market worth of Bitdeer shares or notes.
Bitdeer additionally accomplished personal transactions exchanging roughly $75.7 million principal quantity of its current 8.50% notes due 2029 for $36.1 million in money and eight.1 million Class A odd shares. The corporate famous holders of the exchanged notes unwinding hedges might considerably influence its share worth.
Bitdeer (Nasdaq: BTDR) has hit a tough patch this 12 months, with shares slipping 6.5% in simply the previous day. During the last 5 buying and selling classes, 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 latest hunch, BTDR continues to be sitting fairly with a 27% achieve since its market debut.
