WhiteFiber, Inc. has completed an upsized private offering of $310.0 million in 5.00% Convertible Senior Notes due 2032, generating net proceeds of approximately $298.5 million. A portion of the proceeds was used to fund a concurrent exchange of existing debt, with the remainder allocated for strategic growth, primarily data center expansion.
Key Details
- New Debt Offering: The offering consisted of $310.0 million in 5.00% Convertible Senior Notes maturing on September 1, 2032. This includes the full exercise of the initial purchasers' $40.0 million option.
- Conversion Terms: The notes feature an initial conversion price of approximately $33.84 per share, a 25% premium over the share price on August 18, 2026.
- Concurrent Note Exchange: The company used approximately $118.5 million of the proceeds to exchange $198.15 million of its existing 4.500% Convertible Senior Notes due 2031 for cash and approximately 6.3 million ordinary shares.
- Use of Proceeds: Remaining net proceeds are intended for data center expansion, including property acquisition, facility construction, energy agreements, the purchase of GPU servers for its cloud business, and general corporate purposes.