Cipher Mining announces proposed offering of $333M of senior secured notes

Cipher Mining’s (CIFR) Cipher Compute, intends to offer, subject to market conditions and other factors, $333M aggregate principal amount of additional 7.125% senior secured notes due 2030, in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Additional Notes will constitute a further issuance of the Issuer’s 7.125% senior secured notes due 2030, which were issued on November 13. The Additional Notes will have identical terms and conditions as the Existing Notes. Upon completion of the offering, the Issuer will have $1.733B in aggregate principal amount of 7.125% senior secured notes due 2030 outstanding. The Issuer intends to use the net proceeds from the offering to finance a portion of the construction costs associated with additional facilities within the Barber Lake Facility, a high-performance computing data center near Colorado City, Texas.