Internet reports, according to Bloomberg, TeraWulf became the first cryptocurrency mining company to raise funds in high-yield markets through a $3.2 billion junk bond issuance. The transaction became the largest junk bond issuance led by Morgan Stanley since the famous leveraged buyout case RJR Nabisco in 1989. The deal attracted more than $11 billion in orders, thanks to Alphabet Inc. The "backup" guarantee provided by its Google. The guarantee will take effect after the data center is operational and leased by British startup Fluidstack. To allay concerns about unfinished infrastructure, TeraWulf's top management hosted nearly 40 potential investors at a venue near Buffalo, New York for more than three hours of question-and-answer session, about a week before the deal was launched, according to people familiar with the matter. In addition, creditors will receive a yield of 7.75%, well above the average yield of 5.7% for similarly rated bonds, which will also help the outcome of the transaction. According to people familiar with the matter, cryptocurrency miner Cipher Mining Inc. Is the next target, expected to issue billions of dollars in bonds, which will also be backed by Google. Morgan Stanley is charging huge fees. The investment bank advised TeraWulf on convertible bond transactions in August and is working with Cipher to issue similar bonds.