According to official news, the Bitcoin mining company MARA Holdings announced that the total principal amount of its 0.00% convertible senior notes maturing in 2030 has been increased to $850 million (originally announced as $700 million). MARA also granted the initial purchasers of the notes the option to purchase up to $150 million in total principal of the notes within 13 days from the initial issuance date. The offering is expected to close on November 20, 2024, subject to customary closing conditions.
MARA expects to use approximately $199 million of the net proceeds from the sale of the notes to repurchase the total principal amount of its existing convertible notes maturing in 2026, which is $212 million, through privately negotiated transactions, with the remaining net proceeds being used to increase its Bitcoin holdings and for general corporate purposes, which may include working capital, strategic acquisitions, existing asset expansion, and repayment of additional debt and other outstanding obligations.

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