Bitcoin miner and data center operator CleanSpark (Nasdaq: CLSK) has upsized its announced 0% convertible senior note package to $1.15 billion from $1 billion.
The announcement came one week after CleanSpark released details around the purchase of a 285 MW site in the greater Houston, Texas area. The site sits on a major regional fiber backbone and lies adjacent to natural gas pipelines, offering the flexibility to incorporate behind-the-meter generation if needed. CleanSpark has already begun developing the site and expects to have over 200 MW online in H2 2027.
Notably, CleanSpark also agreed to repurchase about $460 million of its common stock from investors at $15.03 per share, the same price as the stock’s Nasdaq close on Nov. 10, with the remaining funds earmarked for expansion of its power and land portfolio, developing data center infrastructure, and repaying bitcoin-backed credit lines.
The notes will initially be convertible at a rate of 52.1832 shares per $1,000 principal amount, equal to a conversion price of about $19.16 per share, a 27.5% premium to CleanSpark’s $15.03 closing price on Nov. 10.They mature Feb. 15, 2032, unless earlier converted, redeemed, or repurchased.
CleanSpark may redeem all or part of the notes for cash beginning Feb. 20, 2029, if its stock price equals or exceeds 130% of the conversion price for at least 20 trading days during a 30-day period.
At the time of publishing, CLSK is down 6% during pre-market trading hours.
