Bitdeer Technologies Group announced its intention to offer US$360.0 million principal amount of Convertible Senior Notes due 2029 in a private placement. The company also plans to grant initial purchasers an option to acquire up to an additional US$40.0 million principal amount of notes within a 13-day period.
The notes will be general senior unsecured obligations, accruing interest payable semi-annually. Upon conversion, Bitdeer will have the option to pay in cash, Class A ordinary shares, or a combination of both.
Proceeds from the offering are intended for datacenter expansion, the development and manufacture of ASIC-based mining rigs, working capital, and other general corporate purposes. Concurrently, Bitdeer expects to engage in privately negotiated transactions to exchange certain existing 8.50% convertible senior notes due 2029 for cash and Class A ordinary shares.
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