The Bitfarms (BITF) announced an initial agreement for a private debt facility of up to $ 300 million along with the Macquarie Equipment Capital, Inc., a division of goods and global markets by the Macquarie Group.
The fund will support the initial development of Bitfarms of high-performance data data (HPC) in Panther Creek, Pennsylvania-expected to reach up to 500 MW of capacity.
An initial $ 50 million tranche was drawn to the parent level to cover soft costs and general purposes of the corporate. The remaining $ 250 million depends on achieving major project milestones, at this point the facility is becoming completely safe at the project level.
Each tranche has a two -year term and carries an 8% annual interest, with the initial tranche featuring interest paid kindly during the first trimester.
Financing includes warrants associated with equity for macquarie, which are tied to future drawings and priced at a 25% premium on recent average trade. Bitfarms will maintain minimum levels of liquidity and adhere to many customs covenants.
CEO Ben Gagnon highlights the strategic importance of cooperation, noting the useful location of Panther Creek near the main areas of the metropolitan and the many electricity sources that support efficient, redundant, and measured operations.
Bitfarms sharing up to 1.44% to 81 cents in the early trading in the US market.
