Cipher Mining Shares Fall After Disclosing Senior Notes Offering

By Freddy Sebastian

Shares of Cipher Mining slid after it disclosed a private senior notes offering of $800 million.

Shares of the bitcoin miner recently fell 4.9% to $13.48.

Cipher said it expects to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $120 million of notes.

The convertible senior notes will mature on Oct. 1, 2031, unless earlier repurchased, redeemed or converted, the company said.

In connection with the pricing of the notes, Cipher expects to enter into privately-negotiated capped call transactions with one or more of the initial purchasers, affiliates or other financial institutions.

The company said it plans to use part of the proceeds from the offering to fund the cost of the capped call transactions and the remainder to finance a portion of data center construction, accelerate the build-out of a high-performance computing strategy across its 2.4 GW pipeline and to continue to expand its pipeline of development sites.

Write to Freddy Sebastian at freddy.sebastian@wsj.com