According to ChainCatcher, Bitcoin mining company Cipher Mining plans to issue a total principal amount of $800 million in convertible preferred notes to qualified institutional buyers, due in 2031, with an interest rate of 0%.
Cipher expects to grant initial purchasers of the notes a 13-day option to purchase up to an additional $120 million principal amount of notes. The notes will mature on October 1, 2031.
Cipher intends to use the proceeds from the issuance to pay for the costs of call option trades, fund the construction of the Barber Lake data center, accelerate the strategic deployment of 2.4 GW HPC, expand the development site reserve, and for general corporate purposes.
