CleanSpark, Inc. announced its intention to offer $550 million aggregate principal amount of convertible senior notes due 2030 in a private offering. The company also expects to grant initial purchasers an option to buy up to an additional $100 million aggregate principal amount of the notes.
The net proceeds from the offering are intended to cover the cost of capped call transactions, repurchase up to $125 million of the company's common stock from investors, and repay amounts outstanding under its line of credit with Coinbase. Remaining proceeds will be allocated to capital expenditures, acquisitions, and general corporate purposes.
The Convertible Notes will be senior unsecured obligations, will not bear regular interest, and will mature on June 15, 2030. This financing strategy aims to provide substantial capital for growth while actively managing potential dilution through share repurchases and capped call transactions.
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