Gorilla Technology Prices $107M 7.5% Convertible Bonds at 17% Premium
GRRR•Gorilla Technology Group Inc priced $107 million of 7.50% senior unsecured convertible notes due 2031 with an initial conversion price of $25.48 per share, representing a 17% premium over the June 2 closing price. Net proceeds will fund data center equipment for its second Yotta project and general corporate purposes.
1. Bond Offering Terms
Gorilla Technology Group Inc has launched a $107 million senior unsecured convertible bond offering due June 5, 2031, issued at 100% of face value and accruing 7.50% interest payable semi-annually in cash or shares. The bonds convert at 39.2425 shares per $1,000 principal, equating to a $25.4826 conversion price (a 17% premium to the June 2 closing price) with a downward reset floor of $6.00 and upward cap of $31.85325 per share.
2. Use of Proceeds and Strategic Impact
The company intends to deploy net proceeds to fund the equity portion of data center equipment purchases under its second project with Yotta Data Services Private Limited, enhancing its IoT and AI infrastructure offerings, with any remaining funds allocated to general corporate purposes. The financing was led by a current institutional stakeholder, Highbridge Capital Management, with Benchmark, a StoneX company, and StoneX Financial acting as joint placement agents.
