Cipher Digital priced an $810.0 million senior secured notes offering, with the 6.000% notes due 2031 sold at 99.750% of principal.
The company said the notes are expected to close on June 15, 2026. Proceeds are earmarked for three uses: financing the remaining cost of the Stingray data center, reimbursing Cipher for about $61.5 million of prior equity contributions tied to that project, and funding debt service reserves.
That reimbursement figure means roughly 7.6% of the $810.0 million offering would flow back to the parent company for money already put into the project. The remaining 92.4% would be directed to completion of the facility and reserve funding.
The notes will be fully and unconditionally guaranteed by Cipher Stingray, and the financing is secured 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 said it will provide a completion guarantee for the Stingray facility, stepping in if the note proceeds are not enough to finish the project. The market has reacted to these announcements by moving the company's shares -4.61% to a price of $23.17. For the full picture, make sure to review Cipher Digital's 8-K report.
