Business
Bitdeer Announces Pricing of US$150 Million Convertible Notes Offering
SINGAPORE, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (Nasdaq: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for
About this update from Bitdeer Technologies Group
[{"type":"text","content":"SINGAPORE, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (Nasdaq: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced the pricing of its underwritten public offering (the “Offering”) of US$150,000,000 aggregate principal amount of 8.50% convertible senior notes due 2029 (the “Notes”). The sale of the Notes is expected to close on August 20, 2024, subject to customary closing conditions. The Company also granted the underwriters in the Offering a 30-day option to purchase up to an additional US$22,500,000 aggregate principal amount of Notes on the same terms and conditions, solely to cover over-allotments. The Notes will be senior, unsecured obligations of the Company and will accrue interest at a rate of 8.50% per year, payable semiannually in arrears. The Notes will mature on August 15, 2029, unless earlier converted, redeemed or repurchased. Holders may convert their notes at their option prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will pay or deliver to such converting holders, as the case may be, cash, Class A ordinary shares, par value US$0.0000001 per share, of the Company (the “Class A ordinary shares”) or a combination of cash and Class A ordinary shares, at its election. The initial conversion rate will be 117.0207 shares per US$1,000 principal amount of Notes (equivalent to an initial conversion price of approximately US$8.55 per Class A ordinary share and represents a conversion premium of approximately 35% above the last reported sale price of the Class A ordinary shares on August 15, 2024, which was US$6.33), subject to adjustment upon the occurrence of certain events. Bitdeer may redeem for cash all or any part of the Notes (subject to a partial redemption limitation as described in the indenture that will govern the Notes), at its option, on or after August 20, 2027 and prior to the 41st scheduled trading day immediately preceding the maturity date, if the last reported sale price of the Class A ordinary shares has been at least 150% of the conversion price for the Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such p...