Nebius Closes $5.75B Convertible Notes Offering, Exchanges $800M Existing Notes for Shares
NBIS has more than doubled off its 52-week low of $63.26.
Summary
Nebius closed its convertible senior notes offering with total gross proceeds of approximately $5.75 billion, after the initial purchasers fully exercised their options to purchase an additional $450 million of 2030 Notes and $300 million of 2034 Notes. The final split is $3.45 billion of 0.50% notes due 2030 and $2.3 billion of 4.50% notes due 2034. Concurrently, the company entered exchange agreements with holders of its existing 2029 and 2031 convertible notes to exchange $400 million of each series for approximately 15.8 million Class A ordinary shares. The exchange could lead to selling pressure on the stock as holders may sell the shares received. Proceeds will fund data center construction, AI cloud expansion, and GPU procurement. This follows the pricing announced on August 20, which was upsized from $4.5 billion to $5.0 billion; the final closing amount of $5.75 billion reflects the full exercise of the greenshoe options.
At the time of this announcement, NBIS was trading at $210.80 on NASDAQ in the Technology sector, with a market capitalization of approximately $57.3B. The 52-week trading range was $63.26 to $299.86. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: BusinessWire.