WhiteFiber (WYFI) said late Tuesday it plans to offer $250 million of convertible senior notes due 2032 in a private placement to institutional buyers.
It also intends to give the initial purchasers a 13-day option to buy up to an additional $37.5 million of the notes, the company said.
The company said it intends to use part of the net proceeds to pay the cash consideration for the concurrent note exchange transactions, with the remainder going toward data center expansion, working capital and general corporate purposes.
Concurrently with the pricing of the offering, the company said it expects to enter note exchange transactions with one or more holders of its 4.500% convertible senior notes due 2031, the company said.
Shares of WhiteFiber were down 21% in after-hours trading.