Goodwin's Capital Markets team represented the initial purchasers on WhiteFiber's Rule 144A offering of $230 million aggregate principal amount of 4.50% Convertible Senior Notes due 2031. The offering was increased from the initially announced $200 million and included the full exercise of the initial purchasers' option to purchase $20 million of additional notes. In connection with the offering, Goodwin advised an investment bank that executed a zero-strike call option with WhiteFiber to create synthetic stock borrow for purchasers of the notes, which allowed for an increased offering size and substantially reduced dilution on a net basis.
WhiteFiber, Inc. (Nasdaq: WYFI) is a provider of AI infrastructure solutions. WhiteFiber owns HPC data centers and provides cloud services to customers. WhiteFiber's vertically integrated model combines specialized colocation, hosting, and cloud services engineered to maximize performance, efficiency, and margin for generative AI workloads.
Goodwin's product team consisted of Jim Barri, John Servidio and Kim de Glossop. The corporate team consisted of Benjamin Marsh, Justin Platt, Jonathan Burr, Gaby Boria, Sari Lerner and Lauren Kidd. Dan Karelitz and Garrett Gaughan provided tax advice.
For more information, please see WhiteFiber's pricing press release for the offering.