Bitdeer steadies after convertible, direct stock deals priced

Shares of bitcoin miner Bitdeer Technologies BTDR.O down three cents to $7.91 premarket after co secures capital raise

Singapore-based BTDR announces pricing private offering of $325 mln 5% convertible bonds (CBs) due 2032

Also, it sells ~5.5 mln shares to certain holders of its 5.25% CBs due 2029 at $7.94 for about $43.7 mln gross proceeds

Initial conversion price on 2032 CBs of $9.93 is 25% above the offering price of the direct stock deal

BTDR shares on Thurs sank >17% to close at 10-month low of $7.94 after co unveiled $300 mln CBs and stock offerings

Co to use combined net offering proceeds for datacenter expansion, high-performance computing and AI cloud business expansion, ASIC-based mining rig development, among other purposes

It will also pay the approx $138 mln cost of repurchasing $135 mln principal of its 2029 CBs and approx $29 mln for capped calls

Barclays is placement agent and ICR Capital is financial advisor for the stock offering

Through Thurs, BTDR shares down 29% YTD and ~71% below record intraday high of $27.80 hit in Oct

Median PT among 13 analysts is $22, avg rating is "buy", per LSEG