TeraWulf closes $850M 1.00% convertible notes due 2031; funds data center buildout

TERAWULF INC.

Issued $850M principal of 1.00% Convertible Senior Notes due 2031; underwriters have option for $150M more.
Net proceeds ~$828.7M; $85.5M used for capped call transactions, remainder for data center expansion and general corporate.
Initial conversion price ~$12.43 per share (80.4602 shares per $1,000 principal).
Capped call transactions bought for $85.5M with cap price $18.76 to offset dilution on conversion.
Notes not redeemable by TeraWulf until Sept 6, 2028; thereafter if stock >=130% of conversion price for 20 of 30 trading days.

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