Loan & DebtApr 28, 2026, 08:48 AM
SHAZ Secures $350M Convertible Note Offering from Oaktree
AI Summary
SharonAI Holdings Inc. has entered into definitive agreements for a private offering of $350 million in 6% Convertible Senior Notes due 2031. The financing, led by Oaktree Capital Management and including Two Seas Capital, will primarily be used to fund GPU and network procurement and working capital for AI cloud deployments. The notes have an initial conversion price of approximately $48.24, representing a 20% premium, and are expected to close around April 30, 2026.
Key Highlights
- SHAZ secured $350 million in 6% Convertible Senior Notes due 2031.
- The notes have an initial conversion price of approximately $48.24, a 20% premium.
- Financing was led by Oaktree Capital Management, L.P., with Two Seas Capital LP also participating.
- Proceeds will primarily fund GPU and network procurement for AI cloud deployments.
- The offering is expected to close around April 30, 2026.
- Company founders agreed to lock-up agreements until March 31, 2027.