Cipher Mining plans to issue $2 billion senior secured notes

Bitcoin mining company Cipher Mining Inc. announced that its wholly-owned subsidiary Black Pearl Compute LLC will privately issue $2 billion of senior secured notes due in 2031. This issuance is aimed at qualified institutional investors, and the funds raised will be used to cover the remaining construction costs of the high-performance computing data center "Black Pearl Facility" in Wink, Texas, repay Cipher's previous equity investment of approximately $232.5 million in the project subsidiary, establish a debt repayment reserve, and pay related expenses.