Bitcoin mining company TeraWulf expands private placement scale to $900 million

Bitcoin mining company TeraWulf announced that it has expanded its private placement size to $900 million and established the terms of the issuance.

This issuance is for 0% convertible senior notes, with a $125 million overallotment option, maturing in 2032. This issuance is an extension of the company's previously disclosed $500 million financing plan, with initial purchasers able to exercise their additional subscription rights within 13 days. The company stated that the conversion premium for these zero-coupon notes is 37.5%, with an initial conversion price of approximately $19.94 per share based on Wednesday's closing price of $14.50. If the overallotment option is fully exercised, the total financing amount will reach approximately $999.7 million, with funds to be used for the construction of the Abilene data center campus in Texas and other corporate purposes.