Bitfarms (BitF) announced an initial agreement for private debt facility up to $ 300 million with Macquarie Equipment Capital, Inc., a basic product division of the Macquarie group and world markets.
The funding will support the initial Bitfarms development of its high performance calculation data center (HPC) in Panther Creek, Pennsylvania, to reach up to 500 MW of capacity.
An initial tranche of $ 50 million has been drawn at the parent level to cover the gentle development costs and the general objectives of companies. The remaining $ 250 million depends on the realization of the key stages of the project, when the installation is fully secured at the project level.
Each tranche has a mandate of two years and includes annual interest of 8%, the initial tranche implementing interest paid in kind during the first three months.
Funding includes mandates related to actions for macquarie, linked to future prints and the price of a 25% bonus to recent commercial averages. Bitfarms will maintain minimum liquidity levels and comply with several customary alliances clauses.
CEO Ben Gagnon highlighted the strategic importance of the partnership, noting the advantageous location of Panther Creek near the large metropolitan areas and its multiple energy sources which support effective, redundant and scalable operations.
Bitfarms actions increased 1.44% to 81 cents in the early American market.
