| Issuer / Guarantor | TeraWulf Inc |
|---|---|
| Size | USD 850mn |
| Type | Convertible |
| Leads | Morgan Stanley, Cantor Fitzgerald |
| Maturity | 01 Sep 2031 (6 years) |
| Coupon | 1% (1 - 1.5%) |
| Premium | 32.5% (27.5 - 32.5%) |
| Calls | NC3; PC @ 130% w table MW |
| Puts | t/o @ 100% |
| Div protection | Ratio adjustment (Full) |
| T/o protection | Make-whole table |
| CoCo | 130% to May 2031 (5.8 yrs) |
| Announced | 18 Aug 2025 |