Galaxy Digital Announces US$500 Million Senior Notes Offering

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.

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.

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