According to official news, Bitcoin mining company MARA Holdings announced that the total principal amount of its 0.00% convertible senior notes due in 2030 has been increased to $850 million (initially announced as $700 million). MARA also granted the initial purchasers of the notes the option to purchase up to $150 million in total principal of the notes within 13 days from the date of the first issuance of the notes. The offering is expected to close on November 20, 2024, subject to customary closing conditions.
MARA expects to use approximately $199 million of the net proceeds from the sale of the notes to repurchase $212 million in principal of its existing convertible notes due in 2026 through privately negotiated transactions, and the remaining net proceeds will be used to increase Bitcoin holdings and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding debts.