Core Scientific to issue $500 million of convertible senior notes, net proceeds to be used for general corporate purposes

Core Scientific, a bitcoin mining company, announced a private placement of $500 million of convertible senior notes due 2031 to qualified institutional buyers. Core Scientific also intends to grant the initial purchasers of the notes an option to purchase up to an additional $75 million principal amount of notes, to be settled within 13 days of the date of the initial issuance of the notes. Core Scientific intends to use the net proceeds from the offering for general corporate purposes, including working capital, operating expenses, capital expenditures, acquisition of complementary businesses or repurchase of its securities.