Cipher Mining stock up amid convertible senior notes offering announcement

[Cryptocurrency mining rigs in a data center]
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Cipher Mining (NASDAQ:CIFR [https://seekingalpha.com/symbol/CIFR]) stock was trading higher as the data center developer announced [https://seekingalpha.com/pr/20243965-cipher-mining-announces-proposed-private-offering-of-800-million-of-0_00-percent-convertible] a $800M 0.00% convertible senior notes offering to institutional buyers.

Shares were +3.75% Thursday pre-market to $14.67.

The senior, unsecured obligations mature on October 1, 2031, will not bear regular interest, and the principal amount will not accrete.

Also, the initial purchasers are expected to be granted a 13-day option to purchase up to an additional $120M of the notes.

The final terms of the notes, including the initial conversion rate and certain other terms, will be determined at the time of pricing.

The conversions are set to be settled by paying or delivering cash, shares of common stock, or a combination of cash and shares of common stock, at Cipher's election.

Redemption price for the notes will be equal to the principal amount, plus accrued and unpaid special interest and additional interest, if any.

Net proceeds from the offering are intended to be used to fund the cost of entering into related capped call transactions, finance a portion of the data center construction at Barber Lake, accelerate the build-out of its high-performance computing strategy across the 2.4 GW pipeline, continue to expand the pipeline of development sites, and for general corporate purposes.

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