WhiteFiber (WYFI) said late Monday it closed an offering of $230 million of 4.5% convertible senior notes due 2031.

The private offering comprised $20 million of notes issued upon the full exercise of an overallotment option by the initial purchasers.

Net proceeds totaled about $221.5 million. The company used roughly $120 million to fund a zero-strike call option transaction that offsets shares underlying the notes. The remaining proceeds will support data center expansion, potential acquisitions and working capital, according to a statement.