Loan & DebtOct 13, 2026, 08:16 AM
Cipher Digital Plans $850M Convertible Notes Offering, Exchanges 2030 Notes
AI Summary
Cipher Digital Inc. announced its intention to offer $850 million in convertible senior notes due 2032, with an option for an additional $150 million. Concurrently, the company plans to exchange a portion of its 2030 convertible notes for shares of common stock. Proceeds from the offering will be used for capped call transactions, investment in the Barber Lake project, advancing its high-performance computing strategy, expanding development sites, and general corporate purposes. The company also detailed its ongoing project execution and pipeline expansion, including significant milestones at the Barber Lake and Black Pearl sites.
Key Highlights
- Cipher Digital Inc. plans to offer $850 million in convertible senior notes due 2032.
- An additional $150 million in notes may be purchased by initial purchasers.
- The company will also exchange a portion of its 1.75% Convertible Senior Notes due 2030 for common stock.
- Proceeds will fund capped call transactions, Barber Lake project investment, HPC strategy, and general corporate purposes.
- The notes will be senior unsecured obligations with a 0.00% coupon and mature in 6 years.
- The company expects to enter into capped call transactions to mitigate dilution.
Price Impact
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