MARA completes issuance of $850 million zero-coupon convertible senior notes due 2031

MARA Holdings, Inc., a bitcoin miner, announced the closing of its offering of 0.00% convertible senior notes due 2031 on December 4, 2024. The total principal amount of the notes sold in this offering is $850 million. MARA also grants initial purchasers the option to purchase an additional $150 million total principal note within 13 days from the date of the note's initial offering.
Net proceeds from the sale of the Notes are approximately $835.10 million after deducting discounts and commissions from the initial purchaser, but after deducting estimated issuance fees payable by MARA. MARA expects to use approximately $48 million of the net proceeds from the sale of the Notes to repurchase the aggregate principal of its existing convertible Notes due 2026 through privately negotiated transactions of approximately $51 million, with the remaining net proceeds to be used to purchase additional Bitcoin and for general corporate purposes, which may include Working Funds, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.