We advised Cipher Digital on the transaction

Davis Polk advised Cipher Digital Inc. in connection with a revolving credit facility of up to $200 million with an additional non-committed incremental of up to $50 million. The proceeds of the facility will be used to issue letters of credit and for the development costs of new data centers.

Cipher Mining is focused on the development and operation of hyperscale data centers. Cipher aims to be a market leader in data center construction and a hosting partner to the world’s largest HPC companies.

The Davis Polk infrastructure finance team included partner David J. Penna and counsel Costanza Garcia Laposse. The sponsor finance team included partner James A. Florack and associate Carlos (Spencer) Gomes. The capital markets team included counsel John H. Runne and associate Elli Park. The tax team included counsel Dustin Plotnick and associate Benjamin Silver. Associates Jeffrey Simmons and Nausherwan Ahmed Aamir provided 1940 Act advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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