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Core Scientific Increases Fundraising Target to $400 Million

14 August 2024
in Business, News
Reading Time: 3 mins read
100 8
Home Business

US based Bitcoin miner Core Scientific has increased its fundraising goal to $400 million, surpassing its initial target of $350 million.

The company plans to achieve this through a private offering of convertible senior notes, as announced in another press release on August 14, 2024.

In a press release, the company detailed plans to use the net proceeds from this offering to fully repay outstanding loans under its January 23, 2024, credit and guaranty agreement and to redeem all senior secured notes due in 2028. 

The convertible senior notes, available exclusively to qualified institutional buyers, offer investors the option to hold the debt until maturity or convert it into shares, with interest paid semi-annually. 

 “Investors can either hold the unsecured debt until maturity or convert it into shares, with interest paid semi-annually,”

the release read. 

Also, the offering may include a provision for investors to purchase up to $60 million in additional notes, which will mature on September 1, 2029, unless earlier converted, redeemed, or repurchased. 

The issuance and sale of the notes are scheduled to be complated on August 19, 2024.

Core Scientific expects to raise $386.6 million from this offering, which could reach $445.0 million if investors choose to buy additional notes.

In addition to pay up its debts, the miner noted that,

“The remaining net proceeds will be allocated for general corporate purposes, including working capital, operating expenses, capital expenditures, acquisitions of complementary businesses, or other repurchases of its securities.”

Notably, the company’s stock value dropped just over 10% after the initial annoucemnt of the offering on August 13, 2024. It closed at $8.46 per share on the Nasdaq. The stock later saw a minor recovery, rising 1% to $8.55 in after-hours trading.

In another development, Core Scientific recenlty announced a $3.5 billion partnership with AI cloud provider CoreWeave. As part of the deal, 200 megawatts (MW) of infrastructure will be supplied to support CoreWeave’s high-performance computing (HPC) operations. This represents roughly 18% of the miner’s total operational capacity.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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