| Issuer / Guarantor | Cipher Digital Inc |
|---|---|
| Size | USD 850mn |
| Type | Convertible |
| Leads | Morgan Stanley, Goldman Sachs |
| Maturity | 01 Nov 2032 (6 years) |
| Coupon | 0% |
| Premium | 35 - 45% |
| Calls | NC3; PC @ 130% w table MW |
| Puts | 4yrs @ 100% |
| Div protection | Ratio adjustment (Full) |
| T/o protection | Make-whole table |
| CoCo | 130% to Jul 2032 (5.8 yrs) |
| Announced | 13 Oct 2026 |