CleanSpark joins the crowd in raising funds through convertible notes, but doesn't plan to invest the proceeds.
Cryptocurrency miner CleanSpark will raise $550 million through a private convertible note offering with a 2030 maturity date. Pricing is already completed. This funding strategy has become familiar among miners, as it follows similar offerings from CleanSpark’s biggest competitors.
The senior convertible note offering is expected to close on Dec. 17. Initial purchasers will have a 13-day option to buy additional notes up to an aggregate amount of $100 million. CleanSpark expects net proceeds to reach around $535.9 million after discounts and expenses, or $633.6 million if the additional purchase option is fully exercised.
No regular interest will be paid on the notes. They mature on June 15, 2030.
