MARA Holdings, Inc. Announces Upsized Private Offering of Convertible Senior Notes due 2030

On November 18, 2024, MARA Holdings, Inc. (NASDAQ: MARA) filed a Form 8-K with the Securities and Exchange Commission to report its intention to offer $850 million in aggregate principal amount of convertible senior notes due 2030. The initial offering was planned to be $700 million but was subsequently increased due to strong investor interest. The notes will be offered in a private placement to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

The company also granted the initial purchasers of the notes an option to buy up to an additional $150 million aggregate principal amount of the notes within a 13-day period. The offering is expected to close on November 20, 2024, subject to customary closing conditions.

It is estimated that MARA will receive net proceeds of approximately $833 million from the offering, or around $980 million if the initial purchasers exercise their option in full. After deducting discounts, commissions, and offering expenses, MARA plans to allocate the funds accordingly. Approximately $199 million of the net proceeds will be used to repurchase $212 million of the company’s existing convertible notes due in 2026 in privately negotiated transactions.

The remainder of the net proceeds will be used for various purposes, including acquiring additional bitcoin and general corporate activities such as working capital, strategic acquisitions, and repayment of debts. It should be noted that this offering is not an offer to purchase the company’s existing convertible notes due in 2026.

MARA emphasized that statements regarding future expectations, plans, or prospects outlined in the Form 8-K are considered forward-looking statements. The company stated that the actual results may differ due to uncertainties surrounding market conditions and the completion of the offering.

The complete details of the offerings and pricing can be found in the Form 8-K filing on the SEC’s website under MARA’s investor relations section. Investors are encouraged to review all relevant information provided in the filing before making any investment decisions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read MARA’s 8K filing here.

About MARA

MARA Holdings, Inc operates as a digital asset technology company that mines digital assets with a focus on the bitcoin ecosystem in United States. The company was formerly known as Marathon Digital Holdings, Inc and changed its name to MARA Holdings, Inc in August 2024. MARA Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.