← Riot Platforms · FinancingEdit
0.75% Convertible Senior Notes due 2030
Dec 16, 2024 · ClosedTerms of issuance
Instrument
Convertible notes
Principal
$594.4M
Net proceeds
$579.2M
Coupon
0.75%
Issue date
Dec 16, 2024
Maturity
2030
Seniority
Conversion ratio
67.2948 shares / $1,000 principal
Settlement
Conversion terms
Reference stock price
Conversion premium
n/acalculated from conversion price & reference stock price
Conversion price
$14.86
Underlying shares
40,000,000calculated: principal ÷ conversion price, unless directly stated
Dilution %
12.0%calculated: underlying shares ÷ basic shares outstanding as of issue date
Conversion window opens
Early conversion trigger
Early conversion threshold
n/acalculated: conversion price × trigger %
Economic analysis
Effective annual cost
n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost
Interest savings vs. plain debt
n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate
Implied option value / volatility
n/anot shown — would require an assumed volatility input, which we do not fabricate
Breakeven
n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate
Maturity scenarios
Below $14.86Notes redeemed for cash at maturity (or company's election); no dilution.
Above $14.86In the money — full dilution from conversion, no hedge in place.
Context
Shares outstanding (as of issue date)
332,325,535
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Other financing outstanding (excl. this instrument)
2025 ATM program (2025 Sales Agreement, up to $500 million) ($500.0M), Coinbase Credit bitcoin-backed term loan facility (second A&R) ($200.0M), Senior secured delayed-draw term loan (Riot DC Logistics, LLC) ($573.0M)
— of which existing debt
$1.27B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
Related acquisition
none
Related deal
none
Related site
none
Sources
ClosedRiot Platforms closes $594.4 million of 0.75% convertible senior notes due 2030
Dec 16, 2024