According to Odaily, Bitcoin mining company MARA Holdings has announced an increase in the principal amount of its 0.00% convertible senior notes due in 2030 to $850 million, up from the initially announced $700 million. The company has also granted initial purchasers of the notes an option to buy up to an additional $150 million in principal amount within 13 days from the initial issuance date. The offering is expected to close on November 20, 2024, subject to customary closing conditions.
MARA Holdings plans to use approximately $199 million of the net proceeds from the sale of the notes to repurchase, through privately negotiated transactions, a total principal amount of $212 million of its existing convertible notes due in 2026. The remaining net proceeds will be allocated towards increasing its Bitcoin holdings and for general corporate purposes. These purposes may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding liabilities.
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