Bitcoin mining company Cipher Mining plans to privately sell $800 million in convertible senior notes.

PANews, September 25 news, according to Globenewswire, Bitcoin mining company Cipher Mining (NASDAQ: CIFR) plans to privately issue a total of $800 million principal amount of convertible preferred notes to qualified institutional buyers, maturing in 2031, with an interest rate of 0.00%. Cipher also expects to grant initial purchasers of the notes a 13-day option to purchase up to an additional $120 million principal amount of notes. The notes will mature on October 1, 2031, unless redeemed, repurchased, or converted early. Cipher plans to use a portion of the net proceeds from this issuance to pay for the costs of call Options trading, with the remaining funds allocated to finance the construction of the company's data center at Barber Lake, accelerate the full deployment of its 2.4 GW high-performance computing (HPC) strategy, continue expanding its development site reserves, and for general corporate purposes.