Cipher Mining Plans $2 Billion Note Offering for Texas Data Center

Cipher Mining Inc. has announced that its wholly-owned subsidiary, Black Pearl Compute LLC, intends to privately issue $2 billion in senior secured notes due in 2031. According to PANews, this offering is targeted at qualified institutional investors and aims to fund the company's high-performance computing data center, known as the Black Pearl Facility, located in Wink, Texas. The proceeds from this issuance will primarily be used to cover the remaining construction costs of the Black Pearl Facility, repay approximately $232.5 million in equity investments previously made by Cipher into the project subsidiary, establish a debt service reserve fund, and cover related expenses.