04:43 AM EDT, 08/14/2024 (MT Newswires) -- Core Scientific ( CORZ ) said Wednesday it priced a private offering of $400 million of 3% convertible senior unsecured notes due 2029, upsized from $350 million.

The company also granted the initial purchasers a 13-day option to buy up to an additional $60 million of notes. The issuance is expected to settle on Aug. 19.

The initial conversion rate on the notes is 90.9256 shares of common stock per $1,000 of notes, equivalent to an initial conversion price of about $11 per share.

The company said it plans to use about $61.2 million of the net proceeds to fully repay outstanding loans, about $150 million to redeem outstanding senior secured notes due 2028, and the remaining net proceeds for general corporate purposes.

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