HIVE Digital Technologies Ltd. announced the closing of a $130 million offering of 0% exchangeable senior notes due 2031, issued by its wholly-owned subsidiary, HIVE Bermuda 2026 Ltd. The total amount includes the full exercise of a $15 million option by the initial purchasers. The notes are fully guaranteed by HIVE and are exchangeable for cash, common shares, or a combination thereof. In connection with the offering, HIVE also entered into capped call transactions to reduce potential shareholder dilution from the exchange of the notes.
Key Details
- Offering Size: $130 million aggregate principal amount of 0% exchangeable senior notes, which includes the full exercise of a $15 million over-allotment option.
- Terms: The notes mature on July 1, 2031, and will not bear regular interest. The initial exchange price is approximately $4.83 per common share, representing a 27.5% premium over the closing price on June 25, 2026.
- Capped Call Transactions: The company entered into capped call transactions at a total cost of approximately $15.7 million to reduce potential dilution. The cap price is initially $8.5275, a 125% premium over the closing price on June 25, 2026.