Cipher Digital Announces Pricing of Private Offering of $850.0 Million of 0.00% Convertible Senior Notes Due 2032 and Concurrent Exchange of Convertible Senior Notes Due 2030
Cipher Digital priced a private offering of $850.0 million of 0.00% convertible senior notes due 2032, with a $150.0 million initial-purchaser option and estimated net proceeds of roughly $835.1 million. The zero-coupon notes carry an initial conversion price of about $15.31, a 35% premium to the $11.34 close on October 13, and capped calls with a $28.35 cap price are intended to reduce conversion dilution.
Key figures
- Deal Value Usd
- 850000000
- Coupon
- 0.00%
- Maturity
- November 1, 2032
- Cap price
- $28.35 per share
- Net proceeds
- $835.1 million
- Last sale price
- $11.34 per share
- Capped call cost
- $89.7 million
- Conversion price
- approximately $15.31 per share
- Purchasers option
- $150.0 million
- Conversion premium
- approximately 35.0%
- Exchange shares issued
- approximately 40.7 million shares
- Exchange principal 2030 notes
- approximately $165.9 million
- Net proceeds if option exercised
- $982.5 million
AI analysis
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