ConvertibleActive
9.9% Convertible Notes due 2026
NBX-Nov26
BTC Holdings
19 BTC
Total Debt
33.05M NOK
Leverage
178.0%
mNAV
9.93x
Outstanding
33.05M NOK
Issue date
2022-10-20
Principal
41.00M NOK
Coupon
9.90%
Maturity
2026-11-30
Conversion price
0.6 NOK
- Pool of bilateral convertible loans from multiple investors; first issued Oct 2022, extended Oct 2023 to NOK 41M total
- Interest rate history: 8% (issuance) → 15% → 9.9% (effective Mar 31, 2025)
- Jun 2025 partial conversion at NOK 0.27/share (differs from stated NOK 0.60 conversion price)
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior unsecured
- Settlement
- Shares
- Rate type
- Fixed
- Use of proceeds
- Finance operations and cover collateral for NBX Visa credit card
Sources(2)
- Convertible Loan Extensio…Press ReleaseConvertible Loan Extension (NOK 24M Refinanced)Norwegian Block Exchange AS — 2023-10-23
- Interest Rate Reduction o…Press ReleaseInterest Rate Reduction on Convertible Loans (15% to 9.9%)Norwegian Block Exchange AS — 2025-04-04
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-06-23 | Conversion | 33.05M NOK NOK 7.95M (incl. accrued interest) converted to 29,454,296 shares at NOK 0.27/share | Conversion of Loan (NOK 7… |
| 2023-10-23 | Issuance | 41.00M NOK Total pool after extension/refinancing | Convertible Loan Extensio… |
| 2022-10-20 | Issuance | 41.00M NOK |
- 2025-06-23 — 33,050,000 NOKpress_release — Norwegian Block Exchange ASSource
- 2023-10-23 — 41,000,000 NOKpress_release — Norwegian Block Exchange ASSource
- 2022-10-20 — 41,000,000 NOK