Cipher Mining's Cipher Compute To Offer $1.4B in Senior Secured Notes Due 2030 To Fund Construction Of Barber Lake High-Performance Data Center In Texas

Cipher Mining Inc. (NASDAQ:CIFR) ("Cipher" or the "Company") a leading developer and operator of industrial-scale data centers, today announced that its wholly-owned subsidiary, Cipher Compute LLC (the "Issuer"), intends to offer, subject to market conditions and other factors, $1.4 billion aggregate principal amount of senior secured notes due 2030 (the "Notes"), in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").

The Issuer intends to use the net proceeds from the offering to finance a portion of the construction cost of the Barber Lake Facility, a high-performance computing data center near Colorado City, Texas.

The Notes will be fully and unconditionally guaranteed by Cipher Barber Lake LLC (the "Guarantor"), a wholly-owned direct subsidiary of the Issuer. The Notes and related note guarantee will be secured by first-priority liens on (i) substantially all assets of the Issuer and the Guarantor, other than certain excluded property, (ii) all equity interests of the Issuer held by Cipher Songbird LLC, a Delaware limited liability company and the direct parent company of the Issuer, (iii) if and when established by Fluidstack, a designated lockbox account of Fluidstack USA II Inc., and (iv) prior to the completion of the Barber Lake Facility, a pledge by Google LLC of the warrants to purchase common stock of Cipher.

Cipher will provide a customary completion guarantee with respect to the Barber Lake Facility, under which it will fund the Issuer as necessary to ensure the timely completion of the Barber Lake Facility in the event that the proceeds of the Notes and other available funds are insufficient to do so.

The offering is subject to market and other conditions, and there can be no assurance as to whether, when or on what terms the offering may be completed.