Cipher Mining, Inc. ( CIFR ) stock is trading lower Wednesday. The company the provided details regarding the pricing of its senior note offering.

What To Know: The company announced $150 million in senior notes due in 2030. The notes carry an interest rate of 1.75%.

Net proceeds from the offering, before expenses, will total $145.87 million.

Cipher plans to use the proceeds to complete Phase 1 of its Black Pearl data center project. This includes purchasing the remaining mining rigs at a discount, covering tariffs and shipping costs and funding infrastructure-related capital expenses.

The company also noted that a portion of the funds may be used for general corporate purposes.

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CIFR Price Action: At the time of writing, Cipher stock is trading 7.94% lower at $3.48, according to data from Benzinga Pro.

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