MARA increases convertible senior notes offering to $850 million, with part of proceeds to be used to increase Bitcoin holdings

Odaily Planet Daily Report According to official information, Bitcoin mining company MARA Holdings, Inc. announced that the total principal amount of its 0.00% convertible preferred notes due 2031 has been increased to $850 million (initially announced as $700 million). MARA also granted the initial purchasers of the notes an option to purchase up to an additional $150 million in aggregate principal amount of the notes within 13 days of the initial issuance of the notes. This issuance is expected to close on December 4, 2024, subject to customary closing conditions. MARA estimates that the net proceeds from the sale of the notes, after deducting the initial purchasers' discount and commissions, but excluding MARA's estimated offering expenses, will be approximately $835.1 million (or approximately $982.5 million if the initial purchasers exercise their option to purchase the additional notes in full). MARA expects to use approximately $48 million of the net proceeds from the sale of the notes to repurchase, through privately negotiated transactions, an aggregate of approximately $51 million in principal amount of its existing convertible notes due 2026, with the remaining net proceeds to be used to purchase additional and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.