Bitcoin miner Cipher Mining plans to issue $800 million convertible senior notes
2025-09-25 11:11:24
Cipher Mining (NASDAQ: CIFR), a bitcoin miner, plans to issue convertible senior notes in a private placement to qualified institutional purchasers with a total principal amount of $800 million, maturing in 2031, with an interest rate of 0%. Cipher also expects to grant initial purchasers of the notes a 13-day option to purchase up to an additional principal amount of $120 million of the notes. The notes will mature on October 1, 2031, unless redeemed, repurchased or converted early. Cipher intends to use a portion of the net proceeds from this offering to cover the call option transaction costs, and the remaining amount will be used to fund the company's data center construction in Barber Lake, accelerate the full deployment of its 2.4 GW high-performance computing (HPC) strategy, continue to expand its development site reserve, and for general corporate purposes.
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