Core Scientific, Inc. (CORZ) has announced its intention to privately issue $500 million in senior notes set to mature in 2031. The proceeds from this offering will be directed towards various general corporate needs, such as working capital, operational expenses, capital investments, and potential acquisitions of complementary businesses, as well as the repurchase of its securities.
Additionally, the company plans to provide the initial purchasers of these notes with an option to acquire an extra $75 million in principal notes.
These notes can be redeemed periodically beginning June 22, 2028, up until the 20th trading day before they reach maturity. Redemption will be contingent upon the condition that Core Scientific's common stock maintains a sale price exceeding 130% of the conversion price for a specified duration and once other requisite conditions are met.
