Cipher Digital plans exchange of portion of 2030 convertible notes for common stock
CIFR•Cipher Digital launched a private offering of $850 million in 0.00% convertible senior notes due 2032, with an option to increase it by $150 million. Separately, it plans to exchange part of its outstanding 1.75% convertible notes due 2030 for common stock.
1. Note offering and exchange
Cipher Digital launched a private offering of $850 million in 0.00% convertible senior notes due Nov. 1, 2032, with a $150 million upsizing option. The notes will pay no regular interest, and principal is due at maturity. Separately negotiated exchanges will convert part of its outstanding 1.75% convertible senior notes due 2030 into common stock. Noteholders can require a cash repurchase on Nov. 1, 2030, unless the notes are redeemed earlier.
