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

According to ChainCatcher, bitcoin mining company Cipher Mining (NASDAQ: CIFR) plans to privately issue a total principal amount of $800 million in convertible senior notes due in 2031, with an interest rate of 0%, 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 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 the cost of call spread transactions, with the remaining funds to be used to finance the construction of the company's data center at Barber Lake, accelerate the full deployment of its 2.4 GW high-performance computing (HPC) strategy, continue expanding its reserve of development sites, and for general corporate purposes.