Nebius Upsizes Convertible Offering to $5B, Adds $800M Debt Exchange
NBIS has more than doubled off its 52-week low of $62.01.
Summary
Nebius priced its upsized $5B convertible notes offering, split between $3B of 0.50% notes due 2030 and $2B of 4.50% notes due 2034, with conversion premiums of 40-45% over the Aug. 19 close. The company also agreed to exchange $800M of existing convertible debt for about 15.8M Class A shares, which could pressure the stock as holders sell. Shares fell 1.13% to $221.37 on Thursday. The offering funds AI data center expansion and GPU purchases, following Q2 revenue up 454% YoY and a $775M debt facility in July. The debt exchange adds near-term supply overhang beyond the new notes.
Updates
· SEC 6-K — Nebius closed the offering: $3.45B of 0.50% notes due 2030 and $2.3B of 4.50% notes due 2034, and exchanged $800M of existing notes for 15.8M shares.
At the time of this announcement, NBIS was trading at $218.77 on NASDAQ in the Technology sector, with a market capitalization of approximately $59.5B. The 52-week trading range was $62.01 to $299.86. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.