CleanSpark Closes $650 Million Debt Offering

MT Newswires Live12-18

CleanSpark (CLSK) said Tuesday it completed the $650 million offering of 0.00% convertible senior notes due 2030, which includes the full exercise of a $100 million option by initial purchasers.

The company said it executed capped call transactions with a cap price of $24.66 per share and repurchased 11.76 million shares for about $145 million.

The company received approximately $633.6 million in net proceeds from the sale of the convertible Notes, after deducting initial purchasers' discounts and estimated expenses. Around $90.4 million of the proceeds were used for the capped call transactions, and $145 million was allocated to repurchasing shares of its common stock.

The remaining proceeds will be used to repay amounts owed under the company's line of credit with Coinbase (COIN), along with capital expenditures, potential acquisitions, and general corporate purposes, CleanSpark said.

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