Bitcoin mining company Cipher Mining plans to privately issue $800 million in convertible senior notes

ChainCatcher news, Bitcoin mining company Cipher Mining (NASDAQ: CIFR) plans to privately issue a total of $800 million in principal amount of 0% convertible preferred notes due in 2031 to qualified institutional buyers.

Cipher also expects to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $120 million in principal amount of the notes. The notes will mature on October 1, 2031, unless redeemed, repurchased, or converted earlier. Cipher intends to use a portion of the net proceeds from this offering to pay for the costs of the call option transactions, with the remaining funds to be used to finance the construction of its data center at Barber Lake, accelerate the full deployment of its 2.4 GW high-performance computing (HPC) strategy, continue to expand its development site reserves, and for general corporate purposes.