PANews reported on December 5 that according to Globenewswire, Bitcoin mining company MARA Holdings, Inc announced that the issuance of its 0.00% convertible senior notes due in 2031 ended on December 4, 2024. The total principal amount of the notes sold in this issuance is US$850 million. MARA also granted the initial purchasers the option to purchase an additional US$150 million in total principal amount of notes within 13 days from the date of the initial issuance of the notes.
The net proceeds from the sale of the Notes, after deducting discounts and commissions to initial purchasers but less estimated offering expenses payable by MARA, were approximately $835.1 million. MARA expects to use approximately $48 million of the net proceeds from the sale of the Notes to repurchase approximately $51 million in aggregate principal amount of its existing Convertible Notes due 2026 in privately negotiated transactions, and the remainder of the net proceeds 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 indebtedness.
