Goodwin’s Capital Markets team represented the initial purchasers on Bitdeer Technologies Group’s Rule 144A offering of $375 million aggregate principal amount of 4.875% Convertible Senior Notes due 2031. The offering was increased from the initially announced $300 million and included the full exercise of the initial purchasers’ option to purchase $45 million of additional notes. In connection with the offering, Goodwin advised an investment bank that executed a zero-strike call option with Bitdeer to create synthetic stock borrow for purchasers of the notes, which allowed for an increased offering size. Bitdeer used a portion of the net proceeds from the offering to purchase the zero-strike call option and a portion of the remaining net proceeds together with its Class A ordinary shares to repurchase approximately $75.7 million aggregate principal amount of its 8.50% Convertible Senior Notes due 2029. Goodwin also represented the initial purchasers on Bitdeer’s November 2024 offering of its 5.25% Convertible Senior Notes due 2029 and Bitdeer’s August 2024 offering of its 8.50% Convertible Senior Notes due 2029.
Bitdeer (Nasdaq: BTDR) is a world-leading technology company for Bitcoin mining. Bitdeer is committed to providing Bitcoin mining solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan.
Goodwin’s product team consisted of Jim Barri, John Servidio, Kim de Glossop, and Griffin Drake. The corporate team consisted of Ben Marsh, Alicia Tschirhart, Lauren Zhang, Haylee Brown and Julia Novick. Dan Karelitz and Garrett Gaughan provided tax advice.
For more information, please see Bitdeer’s Pricing Press Release for the offering.