Credit · Tracked as filed as of 2026-08-18
Cipher Mining
- Seniority
- Secured, short-term
- Maturity
- Open / on demand
- Collateral
- BTC transferred to lender (rehypothecable)
- Lenders
- Coinbase Credit, Inc.
- Pricing
- Fed-funds-based; 9.5% weighted average when last drawn YE2024
- Terms
- $25M line; $0 drawn
Source: 10-K 2/24/26 · document
- Borrower
- Stingray Compute LLC (issuer)
- Seniority
- Senior secured, subsidiary-level; parent completion guarantee
- Maturity
- 2031-06-15
- Collateral
- 1st liens + equity; Stingray (70 MW IT, Andrews TX) leased to AWS
- Lenders
- Morgan Stanley (representative) · Wilmington Trust (trustee)
- Pricing
- Amortizes to target DSCR
- Terms
- Issued at 99.750
Source: 8-K 6/15/26; pricing 8-K 6/9/26 · document
- Seniority
- Senior secured 1st-priority (pari passu with Barber Lake notes on certain collateral)
- Maturity
- 2030-03-23 — Initial maturity 2030-03-23 (fourth anniversary); springs to 91 days before the 1.750% 2030 converts' maturity if they, or near-dated refinancing, remain outstanding then.
- Collateral
- Substantially all Company assets; minimum-liquidity $100M→$200M
- Lenders
- MS Senior Funding (lead left) · Santander · GS Lending Partners · JPMorgan · SMBC · Wells Fargo
- Pricing
- SOFR + 1.25-1.75% grid on consolidated total debt to market capitalization (breakpoints 0.30x and 0.60x); initial 1.75% holds until the Q3 2026 compliance certificate; 0.00% floor; 0.50% commitment fee; default rate +2%
- Terms
- $200M commitments plus a $50M accordion (with prepayment reload); $0 drawn 3/31/26; $50M letter-of-credit sublimit inside the facility. Liquidity covenant in three steps keyed to project commencement: $100M until the first of the Barber Lake and Black Pearl facilities commences, $150M after the first, $200M after the second; quarterly-tested with an equity cure, and undrawn revolver capacity counts toward liquidity. Borrower is Cipher Digital Inc.; guarantors are the borrower and its restricted-subsidiary loan parties. Pari passu with the Barber Lake notes (7.125% due 2030, capped at $1,733M) on shared collateral via the indenture-form intercreditor.
Source: 8-K 3/25/26, credit agreement filed as EX-10.1, acc 0000950103-26-004609 · document
- Borrower
- Black Pearl Compute LLC (issuer)
- Seniority
- Senior secured, subsidiary-level; parent completion guarantee
- Maturity
- 2031-02-15
- Collateral
- 1st liens + equity; Black Pearl (300 MW, Wink TX) under 15-yr Amazon Data Services lease
- Lenders
- Morgan Stanley (representative) · Wilmington Trust (trustee)
- Pricing
- 7.00%/yr amortization post-completion
Source: 8-K 2/11/26 · document
- Borrower
- Cipher Compute LLC (issuer)
- Seniority
- Senior secured, subsidiary-level; parent completion guarantee
- Maturity
- 2030-11-15
- Collateral
- 1st liens + equity + Fluidstack lockbox; Google warrant pledge; Barber Lake (Colorado City TX) 10-yr Fluidstack lease with Google backstop
- Lenders
- Morgan Stanley (representative, 144A) · Wilmington Trust (trustee)
- Pricing
- Post-completion amortization + 50% excess-cash-flow offers
- Terms
- $1,400M + $333M add-on
Source: 8-K 11/13/25; add-on 8-K 11/24/25 · document
- Seniority
- Senior unsecured
- Maturity
- 2031-10-01
- Lenders
- 144A; U.S. Bank Trust Co. (trustee)
- Pricing
- Effective 6.89%; conversion ~$16.03; capped calls to $23.32
Source: 8-K 10/1/25 · document
- Seniority
- Senior unsecured
- Maturity
- 2030-05-15
- Lenders
- Registered; Morgan Stanley (representative)
- Pricing
- Conversion ~$4.45
Source: 8-K 5/22/25 · document
- Seniority
- Secured
- Maturity
- Undisclosed
- Collateral
- Company BTC in triparty account
- Lenders
- Two Prime Lending Limited
- Terms
- $100M; never drawn
Source: 10-K; Q1-26 10-Q · document
Collateral classes on this page: out, operator_campus. The full
ledger, with every issuer and the derived credit series, is on Compute Credit.