Bitdeer has completed a $330 million convertible bond issuance, with funds to be used for research and development of SEALINER mining machines and expansion of data centers

According to BlockBeats, on June 18th, Bitdeer completed a $330 million convertible bond issuance with a coupon rate of 4.875%, due in 2031. This is the third time in nearly a year that this Bitcoin mining company has raised funds through convertible bonds, which will be used for the research and development of SEALINER mining machines and the expansion of data centers. This private placement is aimed at qualified institutional investors, exceeding the original target of $300 million and including $45 million in over allotment options. According to Wednesday's announcement, $129.6 million of the raised funds will be used for hedging zero strike call options, and $36.1 million in cash will be used to replace the previously issued 8.5% high-yield convertible bonds. As part of its debt restructuring, Bit Deer has repurchased $75.7 million worth of convertible bonds issued in August 2024 (a financing rate that once set a record for the highest interest rate among listed mining companies), and completed the swap through cash payments and the issuance of 8.1 million shares of stock, with an implied stock price of approximately $5- a 57% discount from the current market price of $11.80. This not only allows bondholders to exit at a profit, but also significantly reduces the company's interest burden. Affected by this, the stock price of Bit Deer fell 13% at the opening on Wednesday.