The Bitcoin price has stayed true to its inherently volatile nature of late, straying from its all-time high of $74,000 reached in March. In response, blockchain companies are getting more creative about accessing capital. Bitdeer Technologies Group (NASDAQ:BTDR), a Bitcoin miner and semiconductor design company, has responded by turning to capital markets to support its expanding development pipeline, most recently unveiling the pricing details of a $150 million, five-year convertible bond offering as a means to generate cash flow for its activities.
The notes sale was projected to be completed by Aug. 20. Bitdeer also extended the underwriters of the deal a 30-day option to scoop up additional notes in the aggregate principal amount of $22.5 million to offset the potential of over-allotments if demand was greater than anticipated. Bitdeer shares gained following the announcement.
The notes, which represent senior, unsecured obligations of Bitdeer, will accrue interest at a rate of 8.50% per year, paid twice per year to holders. With a maturity date of August 2029, the notes will continue to grow unless converted, redeemed or repurchased by the holders, who have the option to convert until close to the maturity …
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