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CleanSpark will raise $1 billion through a convertible bond issuance to expand its operations.
BlockBeats News, November 11th, Dak Listing - Bitcoin mining company CleanSpark announced that it is seeking to raise $1 billion through a private placement of convertible preferred notes to expand its business. The company plans to issue zero-coupon convertible bonds due in 2032, with initial purchasers having the option to purchase an additional $200 million.
CleanSpark plans to use up to $400 million of the proceeds to repurchase its own shares, with the remaining funds allocated towards expanding its power and land portfolio, developing data center infrastructure, repaying Bitcoin-backed credit lines, and for general corporate purposes. These zero-coupon convertible bonds will mature on February 15, 2032, and the company may at its discretion convert them into cash, stock, or a combination of both. CleanSpark stated that these bonds are senior unsecured debt and do not pay regular interest.
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