VNET Group issued convertible bonds worth $430 million due 2030, the company said in a Thursday press release on its webpage.

The bonds will have a 2.50% interest rate and will mature on April 1, 2030, the Nasdaq-listed Chinese data center service provider said.

The bond's initial conversion price is $13.75 per American depositary share, representing a conversion premium of approximately 25% to the stock's last closing price on Wednesday, March 12.

The proceeds from the issuance will be used to fund wholesale internet data center projects, as well as supplement the company's working capital and other general corporate purposes.