Credit · Tracked as filed as of 2026-04-30

Bitdeer

CCIR tracks 4 instruments issued by Bitdeer (BTDR): convertible. Every row traces to a primary document.

Instruments

Convertible $400m 5.25%

Seniority: Senior unsecured; no subsidiary guarantees (structurally subordinated)
Maturity: 2029-12-01
Lenders: 144A QIBs
Pricing: Payable Jun-1/Dec-1; initial conversion rate 62.7126 Class A per $1,000 (~$15.95); holder put 12/6/27 at par
Terms: Issued November 2024, $400.0M original. $200.0M repurchased during 2025 (US$119.3M cash + 10,661,140 Class A shares); further $135.0M repurchased Feb-2026 (~$138.2M cash). Remaining principal ~$65.0M is implied (400−200−135; the filings state the repurchases, not the remainder). Principal outstanding on the 12/31/25 balance sheet: $200.0M. Unreconciled filed figures: our ~$138.2M cash for the Feb-2026 repurchase vs the Q1-26 6-K cash-flow line 'US$93.0 million of repayments made in connection with the extinguishment of convertible senior notes' — both reproduced, not reconciled; revisit at the FY26 20-F.

Source: FY2025 20-F Note 16 + liquidity (acc 0001213900-26-049770) · document

Convertible $375m 4.875%

Seniority: Senior unsecured; no subsidiary guarantees (structurally subordinated)
Maturity: 2031-07-01
Lenders: 144A QIBs
Pricing: Payable Jan-1/Jul-1; initial conversion rate 62.9921 per $1,000 (~$15.87); holder put 7/6/29
Terms: Issued June 2025, $375.0M; outstanding in full at 12/31/25.

Source: FY2025 20-F Note 16 + liquidity (acc 0001213900-26-049770) · document

Convertible $400m 4%

Seniority: Senior unsecured; no subsidiary guarantees (structurally subordinated)
Maturity: 2031-11-15
Lenders: 144A QIBs
Pricing: Payable May-15/Nov-15; initial conversion rate 56.2635 per $1,000 (~$17.77)
Terms: Issued November 2025, $400.0M; outstanding in full at 12/31/25. Capped calls: strike $17.77, cap $27.88 ($35.4M premium).

Source: FY2025 20-F Note 16 + liquidity (acc 0001213900-26-049770) · document

Convertible $375m 5%

Seniority: Senior unsecured; no subsidiary guarantees (structurally subordinated)
Maturity: 2032-03-01
Lenders: 144A QIBs
Pricing: Payable Mar-1/Sep-1 from 9/1/26; initial conversion rate 100.7557 per $1,000 (~$9.93, +25% over the concurrent offering price)
Terms: Closed February 2026: $325.0M priced 2/20/26 + $50.0M initial-purchaser option exercised in full. Capped calls (initial cap $15.88). Concurrent registered direct at $7.94.

Source: Pricing 6-K 2/20/26 Ex-99.2 (acc 0001213900-26-018592); FY2025 20-F subsequent events · document

Collateral classes on this page: out. The full ledger, with every issuer and the derived credit series, is on Compute Credit.