Galaxy Digital (TSX: GLXY) is looking to raise $500 million. The firm this morning announced the pricing of a exchangeable senior notes offering, which will be used towards accelerating growth.
The company intends to raise US$500 million via the sale of exchangeable senior unsecured notes dude 2026. The debt is to bare interest at a rate of 3.00% per annum, and is exchangeable for cash or shares at the issuers election.
In terms of the per-share exchange ratio, the company has indicated that $250,000 in principal amount of notes will be convertible to 7,498.2210 ordinary shares of the company. In simpler terms, the debt can be converted to shares at a price of US$33.3412 per share. Certain events that were undisclosed are said to increase the exchange rate as well.
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The notes themselves cannot be converted before December 15, 2024, and are payable semi-annually.
The financing is expected to close in early December, with participants said to include affiliates of NZ Funds, Arca, XN, and Senator Investment Group.
Galaxy Digital last traded at $33.48 on the TSX.
Information for this briefing was found via Sedar and Galaxy Digital. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
