Convertible Notes

TeraWulf (WULF) priced a $900M private offering of 0.00% Convertible Senior Notes due 2032, potentially reaching $999.7M. Net proceeds will fund a data center campus in Abernathy, Texas, and general corporate expenditures. The initial conversion rate is 50.1567 shares per $1,000, implying a ~$19.94 conversion price. The notes, maturing May 1, 2032, include a 37.5% conversion premium and an option for initial purchasers to acquire an additional $125M.

Bitfarms (BITF) priced an upsized US$500M offering of 1.375% convertible senior notes due 2031, plus an initial purchaser option for US$88M. Closing is expected around October 21, 2025, contingent on standard conditions and TSX approval. The initial conversion rate is 145.6876 shares per US$1,000, ≈US$6.86 per share, a ~30% premium. Capped call transactions mitigate dilution, with an initial cap price of US$11.88 (~125% premium). Net proceeds will fund general corporate purposes and capped calls.

Beyond Meat announced the early tender results of its exchange offer for its 0% Convertible Senior Notes due 2027. As of October 10, 2025, $1,114,603,000 in notes were tendered, representing 96.92% of the outstanding principal. The company will proceed with early settlement on October 15, 2025, issuing new 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030 and shares of common stock. The exchange offer aims to reduce leverage and extend debt maturity. Certain new shares will be subject to trading restrictions until October 16, 2025.

Mirion Technologies (NYSE: MIR) announced the pricing of an upsized public offering of 17.3 million shares of Class A common stock at $21.35 per share, aiming to raise approximately $356.2 million. Simultaneously, they priced a $325 million convertible senior notes offering. Proceeds will fund capped call transactions related to the notes and the acquisition of Paragon Energy Solutions. The offerings are expected to close on September 30, 2025. Goldman Sachs and Evercore ISI are leading the common stock offering. These moves support Mirion’s growth strategy in radiation safety, science, and medicine.

Wix (WIX) priced $1.0 billion of 0.00% Convertible Senior Notes due 2030. The initial conversion price is $210.49 per share. Wix will use the proceeds for capped call transactions ($62.5M), share repurchases ($75M), and general corporate purposes. The capped call transactions aim to minimize dilution, with an initial cap price of $267.89. The notes mature on September 15, 2030, unless earlier repurchased or converted. Upsized from $750M, the offering reflects investor confidence.

On September 3, 2025, Lyft announced a private offering of $450 million in Convertible Senior Notes due 2030, with an option for initial purchasers to buy an additional $50 million. The notes, convertible at $23.52 per share, won’t pay regular interest and can be redeemed by Lyft after September 20, 2028, under certain conditions. Lyft will use proceeds for capped call transactions (cap price ~$33.60) and to repurchase ~$95.7M of Class A common stock. Remaining funds are for general corporate purposes including potential acquisitions, though no specific agreements are in place.

Ligand Pharmaceuticals (LGND) priced $400M convertible senior notes due 2030 in a private placement. The notes have a 0.75% interest rate and an initial conversion price of $194.79 per share, a 32.5% premium. Ligand expects $386.9M net proceeds, using $39.9M for hedge transactions, $15M to repurchase shares, and the rest for corporate purposes. The notes can be converted under certain conditions, and Ligand may redeem them after October 2028 if its stock price reaches 130% of the conversion price.

Coinbase (COIN) announced the pricing of $1.3 billion each in 0% Convertible Senior Notes due in 2029 and 2032 through a private placement, exceeding initial expectations. Net proceeds are projected to be $2.56 billion, potentially rising to $2.96 billion if underwriters fully exercise their options. Coinbase intends to use the funds for general corporate purposes, including strategic investments and potential share repurchases. The notes are senior, unsecured obligations with conversion prices representing premiums over Coinbase’s August 5, 2025 closing price.

Super Micro Computer announced a $2 billion offering of convertible senior notes due 2030, with a potential $300 million increase. The notes have an initial conversion price of approximately $55.20 per share, at a 35% premium to the stock’s closing price. Supermicro plans to use proceeds for share repurchases, capped call transactions, and general corporate purposes to expand its IT solutions. The company is also concurrently repurchasing shares and has entered into capped call transactions to mitigate dilution.

Northern Oil and Gas (NOG) is issuing an additional $175 million of 3.625% convertible senior notes due 2029. Proceeds will be used for share repurchases and a hedge aimed at offsetting dilution, with the “cap” price for those transactions set at $50.87. The offering provides increased strategic flexibility, with a settlement date of June 17, 2025.