"This agreement for our third large AI campus reinforces Cipher's position as a trusted partner to develop high-quality HPC data center infrastructure for the world's leading companies," said Cipher CEO Tyler Page, in a statement.
Cipher also announced the closing of a revolving credit facility providing up to $200 million of committed capacity, with an additional accordion option of up to $50 million. The facility, which was undrawn at close, has a scheduled maturity of March 2030 and bears interest at the Secured Overnight Financing Rate (SOFR) plus 1.25% to 1.75%, with step-down pricing based on the company's total debt to market capitalization ratio.
“This transaction marks Cipher’s first syndicated revolving credit facility and represents a major step in the evolution of our capital structure,” said Cipher CFO Greg Mumford, in a statement. “We believe this facility highlights the continued strength and maturation of our business, as well as the growing confidence in our long-term strategy from premier financial institutions.”
Morgan Stanley serves as administrative agent, lead arranger, and lead bookrunner, with Banco Santander, Goldman Sachs, JPMorgan Chase, Sumitomo Mitsui Banking Corporation, and Wells Fargo also joining in the syndicate.
The company rebranded from Cipher Mining in February, saying that it was expanding beyond its original Bitcoin mining focus to serve broader high-performance computing demand. Cipher Digital also sold off an interest in three joint mining sites in February, along with mining rigs housed at one of its sites.
