PANews reported on December 2 that according to Globenewswire, Bitcoin mining company MARA Holdings, Inc announced that, based on market conditions and other factors, it intends to privately issue $700 million of 0.00% convertible senior notes (due in 2031) to qualified institutional buyers. MARA also expects to grant the initial purchasers of the notes an option to purchase the notes within 13 days of the date of the initial issuance of the notes, with a maximum additional purchase of $105 million in total principal amount of the notes. The issuance is subject to market and other conditions, and there is no guarantee whether, when or under what conditions the issuance will be completed.
MARA expects to use up to $50 million of net proceeds from the sale of the notes to repurchase a portion of its existing convertible notes due 2026 in a privately negotiated transaction, with the remaining net proceeds to be used to purchase additional bitcoin 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.
