Katten Advises CleanSpark on $650 Million Convertible Senior Notes Offering

CHICAGO, Dec. 23, 2024 /PRNewswire/ -- Katten announced today that the firm advised CleanSpark Inc. on a $650 million convertible senior notes offering.

Mark Wood, Partner and Co-Chair of the Capital Markets practice, led the Katten team that advised the company in connection with its offering of $650 million aggregate principal amount of 0.00% convertible senior notes due 2030. The notes were sold to the initial purchasers, led by Cantor Fitzgerald & Co. as Lead Book-Running Manager, in a private offering for resale to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act). The issuance and sale of the notes closed on December 17, 2024.

In connection with the pricing of the notes, CleanSpark entered into capped call transactions with various counterparties and repurchased approximately $145 million of its common stock. ICR Capital LLC served as financial advisor to CleanSpark in connection with this offering.

"We congratulate our client CleanSpark on successfully completing its first-ever 144A convertible notes offering," Wood said. "It has been a privilege to work alongside the CleanSpark team as it has led CleanSpark's growth in the bitcoin mining industry."

CleanSpark is a market-leading, pure play Bitcoin miner. The company owns and operates a portfolio of mining facilities across the United States.

Katten regularly advises companies within the cryptocurrency and blockchain industries, combining its regulatory expertise and deep experience in a wide range of sophisticated transactions to deliver holistic legal advice to companies in this industry.

The Katten team also included Capital Markets Partners Elizabeth McNichol and Timothy Kirby, and Associates Maximillian Licona and Michael Tremeski; Financial Markets and Funds Partner Krassi Zourkova and Associate Eli Krasnow; and Transactional Tax Planning Partner Todd Hatcher and Associate Jeffrey Ng.

Katten is a full-service law firm with approximately 700 attorneys in locations across the United States and in London and Shanghai. Clients seeking sophisticated, high-value legal services turn to Katten for counsel locally, nationally and internationally. The firm's core areas of practice include corporate, financial markets and funds, insolvency and restructuring, intellectual property, litigation, real estate, structured finance and securitization, transactional tax planning, private credit and private wealth. Katten represents public and private companies in numerous industries, as well as a number of government and nonprofit organizations and individuals. For more information, visit katten.com.

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SOURCE Katten