Bitcoin mining firm MARA Holdings, Inc. announced significant developments regarding its financial instruments. As of December 3rd, the company confirmed an increase in the total principal amount of its 0.00% Convertible Senior Notes due 2031, now set at $850 million, up from the originally planned $700 million. The company has also included an option for initial purchasers to acquire an additional $150 million of notes within a 13-day window following the initial issuance, indicating strong interest in their financial offerings.
The planned offering is anticipated to close on December 4, 2024, pending typical closing requirements. With net proceeds estimated at approximately $835.1 million, or potentially $982.5 million if additional notes are fully subscribed, MARA aims to strategically utilize these funds. About $48 million will be allocated to repurchase existing Convertible Notes, while the remainder supports Bitcoin acquisitions and general corporate needs, including working capital and debt repayment.