PANews February 3 News, according to Globenewswire, Bitcoin mining company Cipher Mining Inc. announced that its wholly owned subsidiary Black Pearl Compute LLC plans to privately issue $2 billion worth of senior secured notes due in 2031. The issuance is targeted at qualified institutional investors and aims to fund the company’s high-performance computing data center “Black Pearl Facility” in Wink, Texas.
The proceeds will mainly be used to cover the remaining construction costs of the Black Pearl Facility, repay Cipher’s previous equity investment of approximately $232.5 million in the project subsidiary, establish debt repayment reserves, and cover related expenses.
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