CIPHER Mining (CIFR) Priced a private offer of $ 1.08B of a 0.00% convertible seniorotates due to 2031, originally upward from $ 800 million.
The notes, senior unsecured obligations, are convertible at an initial price of $ 16.03 per Share, a 37.5% premium for Thursday’s $ 11.66 close. Investors may require repurchases in 2029 at Pari, while digits can be redeemed from 2028 if shares trading 30% above the conversion price.
The Net Revenet of $ 1.08B will finance uncovered call transactions, Barber Lake Data Center structure and expansion of its 2.4 GW high priesting computing pipeline.
The financing is coming as digit yesterday secured a $ 3B AI hosting agreement with Google and Fluidtack.
FIFR shares fell as much as 17% on Thursday and are. down an additional 1% in trade in premarket to $ 11.55.
The fall in the share price on Thursday was probably driven by Delta coverage from banks involved in the convertible note agreement, which often pushes shares in the short term as counterparties control their exposure. Similar pricing has been done after previous convertible note offers on strategy and Semler Scientific.
