Latham Advises on Bitfarms’ Private Debt Facility for Up to US$300 Million With Division of Macquarie Group

Bitfarms Ltd. (Nasdaq/TSX: BITF), a global energy and compute infrastructure company (Bitfarms or the Company), has announced that the Company has entered into an initial agreement for a private debt facility for up to US$300 million from Macquarie Equipment Capital, Inc., a division of Macquarie Group’s Commodities and Global Markets’ business (Macquarie). The initial tranche of the facility is US$50 million at the parent level and proceeds will be used for project development soft costs and other general corporate purposes. The second tranche of the facility may be up to US$250 million and is drawable as the Company achieves specific development milestones at its Panther Creek location. The US$300 million project loan is intended to fund the development of the data center project at Panther Creek, strategically located in Pennsylvania’s PJM region within close proximity to Philadelphia and NYC metropolitan areas. Panther Creek alone has a potential capacity of nearly 500 MW, supported by multiple power sources.

Latham & Watkins LLP represented Macquarie in the financing with a banking team led by partner Paul Bonewitz and counsel Shahid Jamil and Bryce Kaufman, with associate Michaela Bolden. Advice was provided on corporate matters by partner Zach Judd, with associate Mariah Levy; on real estate matters by counsel Jeff Anderson; and on tax matters by partner Bora Bozkurt, with associate Farrah Yan.