Private Offering

Voyager Technologies (VOYG) priced a $435 million private offering of 0.75% convertible senior notes due 2030, increased from an initial $300 million. Proceeds will fund expansion, share repurchases, and capped call transactions to offset dilution. The notes, offered to qualified institutional buyers, feature a conversion price of $30.98, a 30% premium over the November 6, 2025, share price. Voyager can redeem the notes after November 20, 2028, under specific conditions. A prepaid forward stock repurchase is also planned. The offering is expected to close on November 12, 2025.

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.

On September 8, 2025, Millrose Properties, Inc. announced the pricing of a $750 million private offering of 6.25% Senior Notes due 2032, an upsize of $250 million. Proceeds will repay a $500 million term loan and be used for general corporate purposes. The offering, expected to close September 11, 2025, is targeted at qualified institutional buyers and non-U.S. persons, as the notes are not registered under the Securities Act. The 6.25% coupon reflects market conditions and investor confidence in Millrose’s strategy of developing residential land for home builders.

Century Communities (NYSE: CCS) announced a $500 million private offering of 6.625% Senior Notes due 2033. Net proceeds, estimated at $494 million, will be used with cash reserves to redeem existing 6.750% Senior Notes due 2027. The offering, expected to close September 17, 2025, targets qualified institutional buyers and non-U.S. individuals. This refinancing aims to optimize the company’s debt structure. The notes and related guarantees are not registered under the Securities Act of 1933.