CoreWeave prices upsized $3.7 billion 2.875% convertible notes due 2033

CoreWeave priced an upsized $3.7 billion private offering of 2.875% convertible senior notes due April 1, 2033, up from an initial $3.0 billion. The conversion premium is about 22.5% over the $79.88 close on September 17, implying an initial conversion price near $97.85. Capped calls with a $199.70 cap cost about $498.8 million, and initial buyers have an option to add up to $500 million more.

• $3.7B of 2.875% convertible notes due April 1, 2033, upsized from $3.0B
• Conversion premium about 22.5% over the $79.88 September 17 close; conversion price about $97.85
• Capped calls with a $199.70 cap, costing about $498.8M
• Option for initial purchasers to buy up to $500M more; settlement September 22