BitDeer Plans to Issue $360 Million Convertible Senior Notes for Data Center Expansion and Miner Development

BlockBeats News, November 22, Bitdeer Technologies Group announced that it will issue a $360 million 5.25% convertible senior note to qualified institutional investors, maturing in 2029. Initial purchasers will have the option to purchase an additional $40 million principal amount of notes within 13 days after issuance, with the transaction expected to close on November 26.

The initial conversion price of the notes is $15.95 per share, representing a 42.5% premium to the closing price on November 21. After deducting related expenses, the expected net proceeds are approximately $348.2 million, and if the additional subscription shares are fully exercised, the net proceeds will reach $387 million. The funds will be used for data center expansion, ASIC miner R&D and manufacturing, and daily operations. The company also announced an exchange agreement with certain holders of 8.50% convertible bonds due in 2029.