Financing ·
Cipher Digital prices $850M 0% convertible notes due 2032 and exchanges $165.9M of 2030 notes for stock
CIFRCipher Digital Inc.
Cipher Digital Inc. issued $850 million aggregate principal amount of 0.00% Convertible Senior Notes due November 2032, with an initial conversion price of approximately $15.31 per share and a cap price on related capped call transactions at $28.35. Concurrently, the company exchanged approximately $165.9 million in principal amount of its existing 1.75% Convertible Senior Notes due 2030 for roughly 40.7 million shares of common stock, leaving about $6.6 million of that series outstanding. The firm also announced a change to the default settlement method for conversions of both its 2030 and 2031 notes to physical settlement. Cipher Digital Inc. operates in the digital asset mining and infrastructure sector.