MARA Holdings, Inc. said Wednesday it plans to raise $850 million through a private offering of zero-coupon convertible senior notes maturing in 2032
MARA Holdings, Inc. said Wednesday it plans to raise $850 million through a private offering of zero-coupon convertible senior notes maturing in 2032, with initial purchasers granted a 13-day option to buy up to an additional $150 million of the securities.
The notes, to be sold to qualified institutional buyers under Rule 144A, will be senior, unsecured obligations convertible into cash, shares of MARA common stock or a mix of both at the company’s election. MARA may redeem the notes for cash on or after Jan. 15, 2030, subject to specified conditions.
The bitcoin-mining and digital infrastructure firm expects to use up to $50 million of the proceeds to repurchase a portion of its 1% convertible notes due 2026 and to fund capped-call transactions aimed at reducing potential dilution. Remaining funds are slated for additional bitcoin acquisitions and general corporate purposes such as working capital, expansion, strategic deals and further debt repayment.
MARA, which has previously disclosed holdings of roughly 50,000 bitcoin, said the size and timing of the offering depend on market conditions. The stock fell about 4 percent in pre-market trading following the announcement.
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Source: https://thedefiant.io/news/markets/bitcoin-miner-mara-plans-850-million-zero-coupon-convertible-notes-offering-13bc7e3a