VNET Group (VNET.US) plans to issue $430 million of convertible preferred stock at a 25% premium.

CenturyLink (VNET.US) announced the pricing of its $430 million 2.50% Convertible Senior Notes due 2030 ("Notes") offering. The Notes will initially be convertible into 72.7273 shares of Class A common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $13.75 per ADS, representing a 25.0% conversion premium to the closing price of the Company's ADSs on Nasdaq of $11.00 on March 12, 2025. It is understood that the Notes offering is expected to be completed on or about March 17, 2025, subject to customary closing conditions. The Notes will bear interest at a rate of 2.50% per annum, payable semi-annually. The Notes are the Company's senior unsecured debt. Unless repurchased, redeemed or converted prior to the maturity date, the Notes will mature on April 1, 2030. In addition, the Company intends to use the net proceeds from the Notes offering to fund capital expenditures for its base data center projects, working capital, and general corporate purposes.