TeraWulf Completes $850 Million Convertible Notes Offering

Paul, Weiss advised TeraWulf Inc., a leading owner and operator of environmentally sustainable digital infrastructure for high-performance computing hosting and bitcoin mining, on its $850 million private offering of 1.00% convertible senior notes due 2031. In conjunction with the offering, TeraWulf entered into capped call transactions valued at $85.5 million. Morgan Stanley and Cantor Fitzgerald served as bookrunning managers for the offering. TeraWulf will use the proceeds of the offering, after funding the capped call, to finance its previously announced data center expansion and for general corporate purposes.

The Paul, Weiss team was led by corporate partner David Huntington and included partner Kerri Durso; and tax partner Reuven Garrett.