CoreWeave completes $4.2 billion convertible notes offering

CoreWeave completed a $4.2 billion private offering of convertible senior notes on September 22, according to an SEC filing. The total includes $500 million purchased through an option exercised in full by the initial buyers. The notes pay 2.875% annual interest and mature in 2033 unless converted, redeemed or repurchased earlier. CoreWeave can settle conversions in cash, shares or both. The initial conversion rate is 10.2194 shares per $1,000 of principal, equivalent to an initial conversion price of approximately $97.85 per share. Issuing shares on conversion could dilute existing holders.