secwatch.observer — SEC 8-K summary
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Issuer:     Cipher Digital Inc. (CIFR)
CIK:        0001819989
Form:       8-K
Filed at:   2026-03-25T23:59:59+00:00
Accession:  0000950103-26-004609
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cipher Digital secures $200M revolving credit facility with Morgan Stanley-led syndicate
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- $200M revolving facility ($50M LC sublimit) maturing March 2027; initially capped at $50M.
- Interest: SOFR +1.25-1.75% or base rate +0.25-0.75%; initial margin set at highest (1.75%/0.75%) until Q3 2026.
- Covenants: minimum liquidity $100M-$200M scaling with Barber Lake/Black Pearl facility cash flows; minimum market cap $3B.
- Proceeds for working capital and general corporate; no amounts drawn at closing.
- Guaranteed by restricted subsidiaries and secured by first-priority lien on substantially all assets.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819989/000095010326004609/0000950103-26-004609-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819989/000095010326004609/dp244113_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950103-26-004609

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer