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Investing.com -- Shares of Bitdeer Technologies Group fell 6.3% in premarket trading after the Bitcoin miner priced its upsized $330 million convertible senior notes offering.
The 4.875% convertible senior notes, due in 2031, have an initial conversion price of $15.88 per Class A share, which represents a 25% premium from the closing share price on June 17.
Initial purchasers have the option to buy up to an additional $45 million in notes within 13 days of the first issuance. Bitdeer expects to receive $319.6 million in net proceeds from the offering, or $363.3 million if the additional notes are purchased.
The company plans to use the net proceeds to pay for a zero-strike call option transaction, fund the cash consideration for concurrent note exchange transactions, and finance data center expansion and mining rig development.
Under the zero-strike call option, Bitdeer will pay a premium of approximately $129.6 million for the right to receive around 10.2 million shares. The company will also exchange its 2029 8.50% convertible senior notes for approximately $36.1 million in cash and about 8.1 million shares.
The sale is expected to close on June 23.
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