Cipher Digital Prices $810M Notes Offering

By Philip Seaworth • Tuesday, June 09 13:03 • Permanent Link

Cipher Digital priced an $810.0 million senior secured notes offering, with the debt sold at 99.750% of principal and carrying a 6.000% coupon due 2031.

The company said the notes are expected to close on June 15, 2026. Proceeds are earmarked for three uses: funding the remaining cost of the Stingray data center, reimbursing Cipher for about $61.5 million of earlier equity contributions tied to the project, and building debt service reserves.

The financing package includes a full and unconditional guarantee from Cipher Stingray. The notes and the guarantee will be backed by first-priority liens on substantially all assets of the issuer and guarantor, plus all equity interests in the issuer held by Cipher Stingray Holdings.

Cipher also committed to a completion guarantee for the Stingray facility, meaning it will provide additional funding if the note proceeds fall short of what is needed to finish the project. Today the company's shares have moved -0.17% to a price of $24.25. Check out the company's full 8-K submission here.

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