Core Scientific closes $460M convertible note offering; redeems $150M secured notes

Core Scientific, Inc./tx

Issued $460M of 3.00% convertible senior notes due 2029, including full exercise of $60M initial purchasers' option.
Used $61.2M to repay credit facility and $150M to redeem all 12.50% secured notes due 2028.
Initial conversion price ~$11.00/share, a ~30% premium over $8.46 close on Aug 13, 2024.
Net proceeds ~$445M; remainder for working capital, capex, acquisitions, or stock repurchases.
Notes convertible under certain conditions; redeemable at company's option on or after Sept 7, 2027.

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