Financing ·
Prices $850M of zero-coupon convertible notes due 2032 and expects to exchange $165.9M of existing notes for stock
CIFRCipher Digital Inc.
Cipher Digital Inc. priced a private offering of $850.0 million aggregate principal amount of 0.00% convertible senior notes due November 2032, with an initial conversion price of approximately $15.31 per share. The company granted purchasers a 13-day option to buy up to an additional $150.0 million in notes. Concurrently, Cipher expects to exchange approximately $165.9 million principal amount of its outstanding 1.75% Convertible Senior Notes due 2030 for roughly 40.7 million shares of common stock. Net proceeds are estimated at $835.1 million and will fund a capped call transaction, equity investment in the Barber Lake project, high-performance computing expansion, and general corporate purposes. Cipher Digital Inc. develops and operates industrial-scale data centers engineered for next-generation computing.