Terawulf Inc. has completed its previously announced private offering of 1.00% Convertible Senior Notes due 2031. The offering, which occurred on August 20, 2025, involved the sale of notes with an aggregate principal amount of $850 million. These notes were sold under a purchase agreement with Morgan Stanley & Co. LLC and are intended for resale to qualified institutional buyers. The convertible notes were issued at a price equal to 100% of their principal amount and will mature on September 1, 2031, unless converted, redeemed, or repurchased earlier. They will bear an annual interest rate of 1.00%, with interest payable semiannually starting March 1, 2026. The company garnered net proceeds of approximately $828.7 million, after accounting for discounts, commissions, and expenses, and plans to allocate these funds towards capped call transactions, data center expansion, and other corporate purposes.
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