Bitdeer Technologies Group will price the $330 million private offering in its 2031 Convertible Senior Notes. The Singapore-based Bitcoin mining company has increased its offering size from the initially announced $300 million.
BitDeer extends the offering of convertible notes
The 4.875% memo matured on July 1, 2031 was sold to buyers of qualified institutions. Initial buyers retain a 13-day option to purchase principals up to $45 million. The sale is scheduled to close on June 23, 2025. The Bitcoin Mining Company said the memo could convert to Class A common stock at an initial price of approximately $15.88 per share, representing a 25% premium at its closing price on June 17th.
BitDeer estimates net revenue of approximately $319.6 million, or $363.3 million, if the options are fully exercised. After deducting fees and expenses, the company plans three major uses. $36.1 million for payment of related zero strike call options transactions, cash considerations in concurrent note exchanges, and remainder for data center expansion, ASIC-based mining rig development, manufacturing, working capital, and general corporate purposes.
At the same time as the price, Bitdeer entered the initial buyer affiliate and zero strike call option transactions. The company paid a premium of $129.6 million for its right to receive approximately 10.2 million shares on Expiry. This transaction will encourage hedging activities by certain note investors and may affect the market price of Bitdia stocks and memos.
Bitdeer also exchanged approximately $75.7 million of private transactions of the existing 8.50% memo to pay in 2029 for $36.1 million in cash and 8.1 million Class A common stock. The company noted that holders of exchanged notes that rewind hedges could have a significant impact on the stock price.
Bitdeer (NASDAQ: BTDR) hit a rough patch this year. In the last five trading sessions, Bitcoin Miner has fallen by more than 14% in its value, with more than 45% hits since January. But here’s a twist. Despite the recent recession, BTDR is still quite seated with a profit of 27% since its market debut.