Bitcoin mining company Cipher Mining plans to issue $2 billion in senior secured notes

According to market news, Bitcoin mining company Cipher Mining Inc. announced that its wholly-owned subsidiary Black Pearl Compute LLC plans to privately issue a total of $2 billion in senior secured notes due in 2031.

The issuance is aimed at qualified institutional investors and is intended to fund the company's high-performance computing data center, the "Black Pearl Facility," located in Wink, Texas. The raised funds will primarily be used to pay for the remaining construction costs of the Black Pearl Facility, repay Cipher's previous equity investment of approximately $232.5 million in the project subsidiary, establish a debt service reserve, and cover related expenses.