03:59 AM EST, 12/10/2024 (MT Newswires) -- Riot Platforms ( RIOT ) said Tuesday it has priced a private offering of $525 million worth of 0.75% convertible senior notes due 2030.

Riot said it has also granted initial purchasers of the notes an option to purchase an additional $75 million worth of notes within a three-day after the issuance of the notes.

The offering, upsized from a previously announced $500 million, is expected to close on Wednesday.

The conversion rate for the notes will initially be 67.2767 shares of Riot's common stock per $1,000 worth of notes, equivalent to an initial conversion price of approximately $14.86 per share, or a premium of about 32.5% over the company's share price on Monday, the digital asset mining company said.

Riot said it estimates that the net proceeds from the sale of the notes will be approximately $511.5 million, or approximately $584.6 million if the option to purchase additional shares is exercised, which the company intends to use to acquire additional bitcoin and for general corporate purposes.