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AI cloud computing company Nebius Group plans to issue $4.5 billion convertible senior bonds through private placement, including $2.75 billion bonds due in 2030 and $1.75 billion bonds due in 2034. The funds raised by Nebius Group will be used to build and expand data centers, develop a full stack AI cloud platform, and purchase infrastructure equipment such as GPUs. Nebius Group expects to conduct private share swap transactions with some convertible bond holders due in 2029 and 2031 to optimize their debt structure.