Fermi to raise $350m in note offering

Fermi Inc (NASDAQ:FRMI, LSE:FRMI) announced a plan to raise $350 million through a private offering of convertible senior notes, with proceeds earmarked partly for capped call transactions designed to limit potential dilution to shareholders.

The company, which operates as Fermi America and is listed on Nasdaq and the London Stock Exchange, said the notes will mature on July 15, 2031, unless converted, redeemed or repurchased earlier.

Initial purchasers are expected to receive an option to buy up to an additional $52.5 million of notes within a 13-day period from initial issuance.

Fermi said any extra proceeds may also be used to enter into additional capped call transactions.