Advising on HIVE Digital's US$115m private offering of exchangeable senior notes

Our Bermuda Finance team acted as Bermuda counsel to Cantor Fitzgerald & Co. as representative of the several initial purchasers on the issuance by HIVE Digital Technologies Ltd. (TSXV:HIVE) (NASDAQ:HIVE), through its wholly owned subsidiary HIVE Bermuda 2026 Ltd., of a private offering of US$115m aggregate principal amount of 0% exchangeable senior notes due 2031. The notes are exchangeable under certain conditions into cash, HIVE common shares, or a combination thereof and are fully guaranteed by HIVE. 

HIVE is a global leader in sustainable digital infrastructure and AI computing. The net proceeds from the offering are intended to be invested in various subsidiaries and used for general corporate purposes, including capital investment in graphics processing units (GPUs) and the expansion of data center infrastructure to support high performance computing and AI workloads, reinforcing HIVE’s growth strategy in next generation digital infrastructure.

Our Bermuda team was led by partner Adam Bathgate with support from senior associate Korin Knights. Cantor Fitzgerald was in addition represented by Skadden, Arps, Slate, Meagher & Flom LLP as US counsel and Blake, Cassels & Graydon LLP as Canadian counsel.

Congratulations to Cantor Fitzgerald, HIVE and the Skadden and Blakes teams - it has been a pleasure working with you on this transaction.