6.000% Senior Secured Notes due 2031 — Stingray (Stingray Compute LLC)

Jun 15, 2026 · Closed

Edit

Terms of issuance

Instrument

Secured notes

Principal

$810.0M

Net proceeds

missing — add on communication

Coupon

Issue date

Jun 15, 2026

Maturity

2031

Seniority

missing — add on communication

Conversion ratio

n/a

Settlement

n/a

Economic analysis

Effective annual cost

n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost

Interest savings vs. plain debt

n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate

Implied option value / volatility

n/anot shown — would require an assumed volatility input, which we do not fabricate

Breakeven

n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate

Context

Shares outstanding (as of issue date)

409,049,197

Stock price / market cap (as of issue date)

n/ano price on or before the issue date

Use of proceeds

Remaining Stingray construction, reimburse Cipher ~$61.5M prior equity contributions, debt service reserves

Other financing outstanding (excl. this instrument)

SoftBank PIPE common stock investment (Star Beacon LLC) ($50.0M), 1.75% Convertible Senior Notes due 2030 ($172.5M), 0.00% Convertible Senior Notes due 2031 ($1.30B), 7.125% Senior Secured Notes due 2030 — Barber Lake (Cipher Compute LLC) ($1.40B), 7.125% Senior Secured Notes due 2030 add-on — Barber Lake (Cipher Compute LLC) ($333.0M), 6.125% Senior Secured Notes due 2031 — Black Pearl (Black Pearl Compute LLC) ($2.00B), Revolving Credit Facility (incl. $50M LC sublimit) ($200.0M), 0.00% Convertible Senior Notes due 2032 ($850.0M), Concurrent exchange of 1.75% Convertible Senior Notes due 2030 for common stock ($165.9M), Capped call transactions ($89.7M)

— of which existing debt

$6.47B

Existing cash

n/anot tracked in the system yet

Anti-dilution adjustment terms

n/a

Related acquisition

none

Related deal

Amazon Web Services (2026)

Related site

Stingray (USA)

Sources

ClosedCipher closes $810 million senior secured notes for Stingray project financing

Jun 15, 2026