BUZZ — Cipher Digital slides on proposed $850 mln convertible notes offering

* Cipher Digital shares slide 12.46% to $11.38 premarket * The AI data center operator announces proposed private offering of convertible senior notes worth $850 mln, due 2032 * Notes carry a 0% coupon, meaning CIFR will pay no regular interest on the debt * Initial purchasers have a 13-day option to buy up to an additional $150 mln in notes - CIFR * Says proceeds to fund capped call transactions, Barber Lake project investment, HPC expansion and general corporate purposes * Capped call transactions aim to reduce potential shareholder dilution when the new notes convert into shares, subject to a cap * As of last close CIFR down 11.92% YTD (Reporting by Jayasree Prabhu) ((jayasree.prabhu@thomsonreuters.com)