B. Riley Securities, a full-service investment bank, served as joint bookrunner on a $310 million private placement of 5.00% convertible senior notes due 2032 for WhiteFiber, an AI infrastructure solutions provider. The offering was upsized from an initial $250 million on strong investor demand, with the initial purchasers exercising their overallotment option in full.
The notes bear interest at 5.00% per year and carry an initial conversion price of approximately $33.84 per ordinary share, equivalent to 29.5530 shares per $1,000 principal amount and a 25.0% premium over WhiteFiber’s August 18, 2026 closing price.
Concurrently, WhiteFiber exchanged $198.15 million of its existing 4.50% convertible senior notes due 2031 for approximately $118.5 million in cash and 6.3 million ordinary shares, optimizing its capital structure alongside the raise.
The company intends to use the net proceeds primarily for data center expansion, including property acquisition, construction, energy agreements and GPU servers to support its cloud business, as well as for working capital and general corporate purposes.
B. Riley Securities’ deal team was led by Joe Nardini, Pat Pilouk, Hayden Kickbush and Henry Gullen.
