Bitdeer (BTDR) Technologies announced the pricing of $360.0 million principal amount of 5.25% Convertible Senior Notes due 2029 in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company has also granted the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional US$40.0 million principal amount of the notes. The sale of the notes is expected to close on November 26, 2024, subject to customary closing conditions. The notes will be general, senior unsecured obligations of the Company and will bear interest at a rate of 5.25% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2025. The notes will mature on December 1, 2029, unless earlier converted, redeemed or repurchased. Upon conversion, the Company will pay or deliver, as the case may be, cash, Class A ordinary shares par value US$0.0000001 per share, of the Company or a combination of cash and Class A ordinary shares, at its election. The initial conversion rate of the notes will be 62.7126 Class A ordinary shares per US$1,000 principal amount of such notes. The initial conversion price of the notes represents a premium of approximately 42.5% over the last reported sale price of the Class A ordinary shares on the Nasdaq Capital Market on November 21, 2024.
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Read More on BTDR:
- Closing Bell Movers: Gap jumps 15% after Q3 earnings beat, guidance raise
- Bitdeer announces private placement of $360M of convertible senior notes
- Bitdeer management to meet virtually with BTIG
- Bitdeer price target raised to $15 from $14 at Roth MKM
- Bitdeer price target raised to $18 from $17 at H.C. Wainwright
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
