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Investing.com -- Galaxy Digital (NASDAQ:GLXY) (TSX:GLXY) stock fell 9% in after-hours trading on Monday following the company’s announcement of a private offering of $1.0 billion in exchangeable senior notes due 2031.
The cryptocurrency financial services firm said it intends to grant initial purchasers an option to buy up to an additional $150 million in notes during the 13-day period after the initial issuance. Galaxy Digital plans to use the proceeds to support growth across its core businesses and for general corporate purposes, which may include repaying its existing exchangeable senior notes due 2026.
The notes will be senior unsecured obligations with interest payable semi-annually, maturing on May 1, 2031, unless earlier repurchased, redeemed, or exchanged. Noteholders will have the right to exchange their notes for cash, shares of Galaxy Digital’s Class A common stock, or a combination of both, at the company’s discretion.
The notes won’t be redeemable before November 6, 2028. After that date and before the 41st scheduled trading day preceding maturity, they can be redeemed if the stock price exceeds 130% of the exchange price for a specified period.
The offering is subject to market conditions and closing requirements, including Toronto Stock Exchange approval. The notes and any common stock deliverable upon exchange have not been registered under the U.S. Securities Act and will only be offered to qualified institutional buyers.
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