HIVE Digital Technologies Upsizes US$115M Exchangeable Notes at 27.5% Premium
HIVE•HIVE Digital Technologies upsized its private offering to US$115 million of 0% exchangeable senior notes due 2031, with an underwriter option for an additional US$15 million exercisable within 13 days. Initial exchange rate is 206.9429 shares per US$1,000 (US$4.83/share, 27.5% premium) and is expected to net ~US$110 million.
1. Upsized Note Offering
HIVE Digital Technologies has increased its private issuance of 0% exchangeable senior notes due 2031 from US$100 million to US$115 million, granting initial purchasers a 13-day option for an additional US$15 million. The offering, expected to close on June 30, will be fully guaranteed by HIVE and incur no regular interest or accretion.
2. Terms and Exchange Features
The notes carry an initial exchange rate of 206.9429 common shares per US$1,000 principal (about US$4.83/share), reflecting a 27.5% premium to the June 25 closing price. Holders may exchange prior to April 1, 2031 under specified conditions, with redemption and repurchase rights triggered by tax events, stock price thresholds or fundamental changes.
3. Use of Proceeds and Capped Calls
Net proceeds of approximately US$110.0 million (or US$124.5 million if the option is exercised) will fund general corporate purposes, capital investment in graphics processing units and data center development through HIVE’s subsidiaries. Concurrent capped call transactions with a cap price of US$8.5275 per share (125% premium) hedge potential dilution.
