Cipher Digital issues $850M of 0.00% convertible senior notes due 2032 to fund more Barber Lake equity and its HPC pipeline
Completed · announced 13 Oct 2026 · the week to 16 Oct 2026
- Size
- $850M
- Rate
- 0%
Issued 16 Oct 2026. Initial purchasers hold a 13-day option for up to $150M more. Initial conversion price about $15.31 a share (65.3211 shares per $1,000).
The parties
- Cipher Digitalcompany pageBorrower
The source
Cipher 8-K, 2026-10-16Regulatory filing
Senior unsecured, 144A. No regular interest and no accretion. Matures 2032-11-01; puttable at par 2030-11-01; redeemable from 2029-11-05 if the share price exceeds 130% of the conversion price. Proceeds: capped calls, additional equity in the Barber Lake project, the HPC build-out across its near-term pipeline, new development sites, general purposes. Concurrent exchange of about $165.9M of the 1.75% convertible notes due 2030 for about 40.7M shares. Bookrunners per the investor presentation: Morgan Stanley, Goldman Sachs. The investor presentation (Ex. 99.1) states ~$750M of additional project equity for the Barber Lake lease extension.