Compute / the Ledger · 2 deals
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Deals with Cipher Digital as a party. Cipher Digital’s page · Show every party
| Announced | Deal | Parties | Type | Value | Terms | Source |
|---|---|---|---|---|---|---|
| 13 Oct 2026 | Cipher Digital issues $850M of 0.00% convertible senior notes due 2032 to fund more Barber Lake equity and its HPC pipelineCompletedSenior 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. |
| Loan against chips | $850MIssued 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). | 0% interest | Cipher 8-K, 2026-10-16Regulatory filing |
| 25 Sept 2026 | An unnamed AI lab commits to a 10-year Barber Lake lease following Fluidstack's term, ~$5.2B; Fluidstack lease re-phasedAmendedBinding commitment with 'a leading AI lab' (not named) on terms substantially consistent with the Fluidstack lease. Delivery re-phased to Q4 2026-Q1 2027; Cipher bears the first $359.3M of cost overruns, 50% of the excess reimbursed by the tenant over 20 years. |
| Site lease | $5.2B~$5.2B incremental aggregate contracted revenue, extending the site's contracted term to 20 years. | 10 years · to 24 Sept 2036 | Cipher Digital 8-K, 2026-09-25Regulatory filing |
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