Bitdeer Technologies Completes $330 Million Private Placement of Convertible Notes
Bitdeer Technologies (BTDR) completed a $330 million private placement of convertible senior notes maturing on July 1, 2031. Key points include:
- Notes have an interest rate of 4.875% and a conversion price of $15.87 per share, 44% above the current trading price of $11.
- The conversion rate allows for approximately 20.8 million new shares upon full conversion.
- Bitdeer prepaid $129.6 million to Barclays for a call option on over 10.2 million shares, covering 49% of the conversion total.
- Proceeds will be allocated as follows: $129.6 million for the call option, $36.1 million for cash consideration in note exchange transactions, and remaining funds for datacenter expansion, ASIC manufacturing development, and working capital.
- The company is developing new ASIC chip designs aimed at increasing mining efficiency.
Shares saw a slight decline during Wednesday trading.