MARA Closes $1 Billion Convertible Notes Offering

MT Newswires Live11-21 21:36

MARA Holdings (MARA) said Thursday it has closed a $1 billion private offering of 0.00% convertible senior notes due 2030 on Nov. 20.

The offering included $150 million worth of notes issued within a 13-day period from the issue date, which the initial purchasers exercised in full .

The initial conversion rate for the notes is 38.6 shares of MARA's common stock per $1,000 of principal, equivalent to a conversion price of about $25.91 per share or a premium of around 42.5% over MARA's average Nov. 18 stock price of $18.18, the company said.

Net proceeds from the sale were about $980 million, which MARA expects to use to repurchase $212 million convertible notes due 2026, to acquire additional bitcoin, and for general corporate purposes.

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