TeraWulf (NASDAQ: WULF) intends to offer $500 million of convertible senior notes due 2032, with an option for initial purchasers to acquire up to an additional $75 million of notes within a 13-day launch period.
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The company plans to use net proceeds to fund a portion of the construction costs for its data center campus in Abernathy, Texas. The notes will be senior unsecured obligations.
Prior to February 1, 2032, conversions of the notes will be permitted only upon satisfaction of certain conditions and during designated windows; thereafter, holders may convert at any time until two trading days before the maturity date. At conversion, TeraWulf will settle the aggregate principal amount in cash and may deliver cash, shares of its common stock, or a combination thereof for any excess conversion obligation, at the company’s election. The initial conversion rate and other final terms will be determined at pricing in negotiations with the initial purchasers.
Read More: TeraWulf inks $9.5B extension to Fluidstack deal as CEO teases additional 168 MW rollout
At time of publication, WULF is down 2.7% during pre-market hours.
