Bitcoin mining company CleanSpark plans to issue $550 million in convertible senior notes

ChainCatcher news, according to a press release, Nasdaq-listed Bitcoin mining company CleanSpark, Inc. announced its plan to offer a total of $550 million in convertible preferred notes maturing in 2030 to initial subscribers based on market conditions and other factors.

CleanSpark also expects to grant initial purchasers of the convertible notes the option to purchase up to $100 million in additional convertible notes within 13 days from the date of the initial issuance of the convertible notes.

The company plans to use the net proceeds from the offering to pay for the costs of capped call option transactions, to repurchase up to $125 million of its common stock from convertible bond investors, and the remaining net proceeds will be used to fully repay the outstanding amount under the company's credit facility with Coinbase, capital expenditures, acquisitions, and general corporate purposes.