Nebius prices $5 billion convertible notes for AI expansion

Nebius has announced a $5 billion senior unsecured convertible-note offering to fund AI infrastructure expansion.

• The financing includes $3 billion of 0.50% notes due 2030 and $2 billion of 4.50% notes due 2034, with expected net proceeds of about $4.94 billion after fees and expenses.
• Nebius said it will use the capital for data-center construction, additional sites, GPU procurement, development of its AI cloud, and general corporate purposes; the Rule 144A offering is expected to settle on August 24.
• The company also said the notes may increase to $5.75 billion if initial purchasers exercise additional options, and that it agreed to exchange $400 million of 2029 notes and $400 million of 2031 notes with certain holders.