08:17 AM EDT, 04/02/2025 (MT Newswires) -- Bitfarms ( BITF ) was down 2.5% snd nearer 52 week lows at last look Wednesday in Nasdaq trading as the company entered an initial agreement for a private debt facility of up to $300 million from Macquarie Equipment Capital, a division of Macquarie Group's Commodities and Global Markets' business.

The company in a statement said the facility is expected to provide the necessary capital for it to fund the initial portion of the Panther Creek data center development and buildout in a non-dilutive manner.

Bitfarms ( BITF ) said it will use the initial tranche of $50 million for project development soft costs including at the Panther Creek operation in Pennsylvania, as well as for other general corporate purposes. The second tranche of the facility may be up to $250 million and is drawable as the company achieves specific development milestones at Panther Creek, Bitfarms ( BITF ) added.

"This partnership marks the beginning of our investment in the near-term development of our Panther Creek data center, strategically located in Pennsylvania's PJM region within close proximity to Philadelphia and NYC metropolitan areas," Bitfarms ( BITF ) CEO Ben Gagnon said.

The maturity of each facility is two years from the date of closing and each facility bears an interest at a rate of 8% per annum, with interest on the initial draw of $50 million paid in kind for the first three months.

"We are confident that this partnership will not only accelerate our buildout at Panther Creek, but also open doors to future opportunities with Macquarie as we look to scale our project and potentially expand to other sites within our portfolio," Gagnon said.

BITF rose $0.03 or 2.65% on the TSX yesterday.