Cipher Digital Inc. announced the pricing of a private offering of $850.0 million in 0.00% convertible senior notes due 2032. Concurrently, the company is exchanging approximately $165.9 million of its existing 1.75% Convertible Senior Notes due 2030 for common stock.
Key Details
- Offering Size: $850.0 million aggregate principal amount of 0.00% convertible senior notes due 2032, with a 13-day option for purchasers to buy an additional $150.0 million.
- Conversion Terms: The initial conversion price is approximately $15.31 per share, representing a 35% premium over the stock's closing price on October 13, 2026.
- Concurrent Note Exchange: Cipher will exchange approximately $165.9 million of its 1.75% notes due 2030 for roughly 40.7 million shares of its common stock.
- Use of Proceeds: Net proceeds of approximately $835.1 million will fund capped call transactions, investments in the Barber Lake project, expansion of its high-performance computing (HPC) strategy, and general corporate purposes.