Gorilla Technology Group Inc. (NASDAQ:GRRR) is in the spotlight Thursday after the company announced on Wednesday the pricing of a $125 million senior unsecured convertible bond offering to fund its NeutraDC Batam data center project in Indonesia.
Gorilla Prices $125M Convertible Notes
Gorilla priced $125 million in aggregate principal amount of 7.50% Senior Unsecured Convertible Notes, Series B, due 2031. The bonds are being sold in a private placement to institutional investors, with the offering expected to close on or about July 17, subject to customary closing conditions. The notes will accrue interest payable semi-annually at 7.50% per annum and mature on June 15, 2031, unless earlier converted, redeemed, or repurchased.
The initial conversion rate is 39.2425 ordinary shares per $1,000 principal amount of bonds, equivalent to a conversion price of approximately $25.48 per share — a premium of roughly 52% over Gorilla’s July 14 closing price of $16.77. The conversion price includes two reset mechanisms: a downward reset with a floor of $8.00 per share, and an upward reset with a cap of $31.85, representing a 90% premium over the July 14 closing price.
Gorilla Funds NeutraDC Batam Project
