Bitcoin mining company CleanSpark announced plans to issue $1 billion in convertible senior notes through a private placement

According to WJBF, Bitcoin mining company CleanSpark announced plans to issue $1 billion of convertible senior notes through a private placement, with a maturity date of February 15, 2032.
The total principal amount of convertible notes for initial purchasers shall not exceed $200 million. CleanSpark intends to use up to $400 million of the net proceeds from this offering to repurchase the company's common stock, with the remaining net proceeds used to expand the company's power and land portfolio, develop data center infrastructure, repay Bitcoin-backed credit balances, and for general corporate purposes. This offering is limited to qualified institutional buyers, and the completion date has not yet been determined, depending on market conditions.