[Bloomberg: TeraWulf's $3.2 Billion Bond Issuance Makes It the First Crypto Mining Firm to Raise Funds in the High-Yield Market] According to a report by Bloomberg, TeraWulf has become the first cryptocurrency mining company to raise funds in the high-yield market through a $3.2 billion junk bond issuance. This transaction marks the largest junk bond issuance led by Morgan Stanley since the famous 1989 leveraged buyout of RJR Nabisco. The deal attracted over $11 billion in orders, thanks to a 'backstop' guarantee provided by Google, a subsidiary of Alphabet Inc. This guarantee will take effect once the data center becomes operational and is leased by UK-based startup Fluidstack. According to sources familiar with the matter, to alleviate concerns about unfinished infrastructure, TeraWulf's senior management hosted nearly 40 potential investors at a site near Buffalo, New York, about a week before the transaction was launched. The event included a Q&A session lasting over three hours. Additionally, creditors will receive a yield of 7.75%, significantly higher than the average yield of 5.7% for bonds with similar ratings, which also contributed to the success of the transaction. Sources also revealed that cryptocurrency miner Cipher Mining Inc. is the next target, with plans to issue bonds worth several billion dollars, which will also be backed by Google. Morgan Stanley is earning substantial fees from these transactions. The investment bank provided advisory services for TeraWulf's convertible bond deal in August and is now working with Cipher on a similar bond issuance.