Bitfarms (BitF) announced an initial agreement for a private debt center of up to $ 300 million with Macquarie Equipe Capital, Inc., a division of the basic products and the global markets of Macquarie Group.
The financing will admit the initial development of BIT Farms of its high performance computer data center (HPC) in Panther Creek, Pennsylvania, expected to reach up to 500 MW capacity.
An initial section of $ 50 million has been drawn at the main level to cover soft development costs and general corporate purposes. The remaining $ 250 million depend on the achievement of the key milestones of the project, at which time the installation is completely ensured at the project level.
Each section has a period of two years and entails an 8% annual interest, with the initial stretch with interest paid in kind during the first three months.
Financing includes capital orders linked to Macquarie, linked to future raffles and with a 25% premium price to recent negotiation averages. The Enfarmar Bit will maintain minimum liquidity levels and comply with several usual agreements.
The CEO Ben Gagnon stressed the strategic importance of the association, pointing out the advantage of Panther Creek near the main metropolitan areas and its multiple sources of energy that admit efficient, redundant and scalable operations.
Bit Farm shares rose 1.44% to 81 cents in the early trade of the US market.
