WASHINGTON (dpa-AFX) - Nebius Group N.V. (NBIS), an AI cloud company, on Wednesday announced plans to offer $4.50 billion of convertible senior notes in a private offering to qualified institutional buyers.
The offering comprises $2.75 billion of convertible notes due 2030 and $1.75 billion of convertible notes due 2034.
The company also expects to grant initial purchasers options to buy up to an additional $375 million of 2030 notes and $300 million of 2034 notes.
The company intends to use the net proceeds to fund the continued growth of its business, including data center construction and expansion, investments in its full-stack AI cloud, procurement of key components such as GPUs and general corporate purposes.
Concurrently with the pricing, the company expects to enter into privately negotiated agreements with certain holders of its existing 2029 and 2031 convertible notes.
The agreements will involve exchanging a portion of the outstanding notes for Class A ordinary shares.
The interest rate, initial conversion rate, accretion schedule and other terms of the new notes will be determined at pricing.
In the pre-market trading, Nebius Group is 7.26% lesser at $230.29 on the NasdaqGS.
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