Debt Financing Weighs On Sentiment

Cipher Digital announced that its wholly-owned subsidiary, Stingray Compute LLC, priced a $810 million offering of 6% senior secured notes due 2031.

According to the announcement, the notes are priced at 99.750% of their principal amount in a private placement expected to close on June 15.

Cipher disclosed that it will provide a customary completion guarantee with respect to the Stingray Facility, under which it will fund the Issuer as necessary to ensure the timely completion of the Stingray Facility.

Tech And Crypto Weakness Add Pressure

Cipher’s slide is occurring alongside major market pullbacks. The tech-heavy Nasdaq is down 1.42%, while the S&P 500…

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