Jun. 18 at 11:48 AM
$BTDR Bitdeer prices upsized
$330M convertible senior note offering
Bitdeer Technologies announced the pricing of US
$330.0 million principal amount of 4.875% Convertible Senior Notes due 2031 in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company has also granted the initial purchasers of the notes an option to purchase, for settlement within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional US
$45.0 million principal amount of the notes.
The size of the offering was increased from the previously announced
$300.0 million aggregate principal amount of notes. The sale of the notes is expected to close on June 23, 2025, subject to customary closing conditions. The notes will be general, senior unsecured obligations of the Company and will bear interest at a rate of 4.875% per year, payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2026. The notes will mature on July 1, 2031, unless earlier converted, redeemed or repurchased.
Upon conversion, the Company will pay or deliver, as the case may be, cash, Class A ordinary shares par value US
$0.0000001 per share, of the Company or a combination of cash and Class A ordinary shares, at its election. The initial conversion rate of the notes will be 62.9921 Class A ordinary shares per US
$1,000 principal amount of such notes . The initial conversion price of the notes represents a premium of approximately 25.0% over the last reported sale price of the Class A ordinary shares on the Nasdaq Capital Market on June 17, 2025.
