SynopsisThe Amsterdam-headquartered company plans to ‌issue private ⁠convertible ⁠notes worth $3 billion maturing in 2030, and notes ​worth $2 billion maturing in 2034. It may also sell ​an additional $450 million of the 2030 notes and $300 million of the 2034 notes if ​purchasers exercise their options, it ⁠said.ReutersAI cloud provider Nebius Group on Wednesday upsized its debt offering to $5 billion from $4.5 billion, as it seeks to ramp up investments in data centers and computing capacity.The Amsterdam-headquartered company plans to ‌issue private ⁠convertible ⁠notes worth $3 billion maturing in 2030, and notes ​worth $2 billion maturing in 2034. It may also sell ​an additional $450 million of the 2030 notes and $300 million of the 2034 notes if ​purchasers exercise their options, it ⁠said.Proceeds ‌from the offering will be ​used to ​expand data center capacity, invest ⁠in the company's full-stack AI cloud platform ​and acquire GPUs and other key ​components needed to support growth.Nebius announced the planned debt sale before the market opened on Wednesday.Alongside the offering, the company said it would separately exchange $800 ‌million of debt for about 15.8 million Class A shares with certain ​noteholders.Nebius ​shares closed ⁠nearly 10% lower on Wednesday.Nebius ended June with $8.04 billion in cash and cash equivalents, but ​spent $5.66 billion on property, equipment and intangible assets in the second quarter, reflecting heavy investment in data centers and computing capacity.(Reporting by Rashika Singh and Ananya Palyekar in Bengaluru; Editing by Jonathan Ananda) ...moreElevate your knowledge and leadership skills at a cost cheaper than your daily tea.Subscribe Now