PANews reported on November 21 that according to official news, Bitcoin mining company MARA Holdings, Inc. completed the issuance of $1 billion convertible senior notes, including $150 million in notes issued pursuant to the purchase agreement granting the initial purchasers a purchase option with a term of 13 days from the date of the first issuance of the notes. The initial purchasers exercised all of them on November 19, 2024, and the additional purchases were completed on November 20, 2024.
The net proceeds from the sale of the Notes, after deducting discounts and commissions to initial purchasers, were approximately $980 million. MARA expects to use approximately $199 million of the net proceeds from the sale of the Notes to repurchase its $212 million aggregate principal amount of 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, repayment of additional debt and other outstanding indebtedness.
