Cipher Digital (CIFR) said Tuesday it plans to offer $850 million in zero-interest convertible senior notes due 2032 through a private placement to institutional investors.
The company said it may allow initial purchasers to buy an additional $150 million in notes.
Cipher said it also expects to exchange some of its outstanding 1.75% convertible senior notes due 2030 for common shares in separate private transactions.
The company said it plans to use the net proceeds to fund capped call transactions, invest in its Barber Lake project, expand its high-performance computing business and development pipeline, and cover general corporate needs.
The final offering terms, including the initial conversion rate, will be set when the deal is priced, it added.