Cipher Mining proposes $1.4 billion senior secured notes offering

Cipher Mining Inc. (NASDAQ: CIFR) announced that its subsidiary Cipher Compute LLC intends to offer $1.4 billion in senior secured notes due 2030, according to a company statement.

The notes will be offered privately to qualified institutional buyers under Rule 144A of the Securities Act. The company plans to use proceeds to finance construction of the Barber Lake Facility, a high-performance computing data center near Colorado City, Texas.

The notes will be guaranteed by Cipher Barber Lake LLC and secured by liens on substantially all assets of the issuer and guarantor, equity interests held by Cipher Songbird LLC, a designated Fluidstack lockbox account, and warrants from Google LLC to purchase Cipher common stock prior to facility completion.

Cipher Mining will provide a completion guarantee for the Barber Lake Facility, committing to fund the issuer as necessary to ensure timely completion if note proceeds and other available funds prove insufficient.

The offering remains subject to market and other conditions, with no assurance regarding completion terms or timing. The notes have not been registered under the Securities Act and will only be available to qualified institutional buyers.

Cipher Mining operates industrial-scale data centers for bitcoin mining and high-performance computing hosting. The company describes itself as focused on innovation in bitcoin mining growth, data center construction, and hosting partnerships with large HPC companies.

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