BlockBeats news, on December 3, Bitcoin mining company MARA Holdings, Inc. announced that the total principal amount of its 0.00% convertible senior notes due in 2031 has been increased to $850 million (initially announced as $700 million). MARA also granted the initial purchasers of the notes the option to purchase up to $150 million in total principal amount of the notes within 13 days from the date of the initial issuance of the notes. The offering is expected to close on December 4, 2024, but is subject to customary closing conditions. MARA estimates that the net proceeds from the sale of the notes, after deducting the initial purchasers' discounts and commissions, but excluding estimated offering expenses payable by MARA, will be approximately $835.1 million (approximately $982.5 million if the initial purchasers fully exercise their option to purchase additional notes).
MARA expects to use approximately $48 million of the net proceeds from the sale of the notes to repurchase a total principal amount of approximately $51 million of its existing convertible notes due in 2026 through privately negotiated transactions, with the remaining net proceeds being used to purchase more 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.
