TechFlow news — On December 3, according to an official announcement, Bitcoin mining company MARA Holdings, Inc. has increased the aggregate principal amount of its issued 0.00% Convertible Senior Notes due 2031 to $850 million (previously announced as $700 million). MARA also granted the initial purchasers of the notes an option to purchase, within 13 days from the date of the initial issuance (inclusive), up to an additional $150 million in aggregate principal amount of notes. The offering 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 will be approximately $835.1 million (or approximately $982.5 million if the initial purchasers fully exercise their option to buy additional notes), after deducting discounts and commissions to the initial purchasers but excluding estimated offering expenses payable by MARA.
MARA expects to use approximately $48 million of the net proceeds to repurchase, through privately negotiated transactions, about $51 million in aggregate principal amount of its existing convertible notes due 2026. The remaining net proceeds will be used to purchase additional Bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, repayment of additional debt, and other outstanding obligations.
