Street Calls of the Week
Investing.com -- Bitfarms Ltd. (NASDAQ:BITF) stock surged 16.3% Friday after the company announced the conversion of its previously secured $300 million private debt facility from Macquarie Group into a project-specific financing facility for its Panther Creek, Pennsylvania data center campus.
The North American energy and digital infrastructure company plans to draw an additional $50 million from the converted facility, bringing the total drawn to $100 million. These funds will accelerate long-lead time equipment purchases and advance high-performance computing (HPC) and artificial intelligence (AI) development at the Pennsylvania site.
CEO Ben Gagnon highlighted that the conversion to project-level financing enables the company to access the full facility, accelerating construction timelines and positioning Bitfarms to capitalize on substantial demand for HPC/AI infrastructure in Pennsylvania. The company intends to use the additional $50 million to fund civil works and substation construction at Panther Creek, which are scheduled to begin in the fourth quarter of 2025.
Joshua Stevens, Managing Director at Macquarie Group’s Commodities and Global Markets business, noted that Pennsylvania is "quickly emerging as a new AI infrastructure hub" with its robust energy and fiber infrastructure, positioning Bitfarms to deliver state-of-the-art digital infrastructure in what he described as "the premier HPC/AI data center hub in the US."
Northland Capital Markets acted as sole placement agent for the transaction, with Skadden, Arps, Slate, Meagher & Flom LLP serving as legal counsel to Bitfarms and Latham & Watkins LLP representing Macquarie.
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