04:23 PM EST, 12/12/2024 (MT Newswires) -- CleanSpark ( CLSK ) said Thursday it plans to offer $550 million in convertible senior notes due 2030 in a private offering.

the company plans to grant initial purchasers a 13-day option to buy up to an additional $100 million in convertible notes, starting from the issuance date.

CleanSpark ( CLSK ) said it intends to use the proceeds to repurchase up to $125 million in common stock, repay its Coinbase credit line, fund capital expenditures and acquisitions, and other general corporate purposes.

CleanSpark ( CLSK ) also plans to enter into privately negotiated capped call transactions with certain initial purchasers of the notes and/or other financial institutions in connection with the pricing, the company said.