CleanSpark announces $1B convertible senior notes offering

CleanSpark (CLSK) announced that it intends to offer, subject to market conditions and other factors, $1B aggregate principal amount of convertible senior notes due 2032 to the initial purchasers for resale in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended. The company intends to use up to $400M of the net proceeds from the offering to repurchase shares of the company’s common stock from investors in the convertible notes, and the remaining net proceeds for the expansion of the company’s power and land portfolio, the development of data center infrastructure, the repayment of outstanding bitcoin-backed line of credit balances and general corporate purposes.