Business
Marathon Digital Holdings, Inc. Announces Pricing of Oversubscribed Offering of Convertible Senior Notes
Proceeds to be used primarily to acquire bitcoin and for general corporate purposes Fort Lauderdale, FL, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Marathon Digital
About this update from Mara Holdings, Inc.
[{"type":"text","content":"Proceeds to be used primarily to acquire bitcoin and for general corporate purposes Fort Lauderdale, FL, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ: MARA) (“MARA” or the “Company”), a global leader in leveraging digital asset compute to support the energy transformation, today announced the pricing of its offering of $250 million aggregate principal amount of 2.125% convertible senior notes due 2031 (the “notes”). The notes will be sold in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). MARA also granted to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $50 million aggregate principal amount of the notes. The option to purchase additional notes was upsized from the previously announced option to purchase $37.5 million aggregate principal amount of notes. The offering is expected to close on August 14, 2024, subject to satisfaction of customary closing conditions. The notes will be unsecured, senior obligations of MARA and will bear interest at a rate of 2.125% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2025. The notes will mature on September 1, 2031, unless earlier repurchased, redeemed or converted in accordance with their terms. Subject to certain conditions, on or after September 6, 2028, MARA may redeem for cash all or any portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if the last reported sale price of MARA common stock has been at least 130% of the conversion price then in effect for a specified period of time ending on, and including, the trading day immediately before the date MARA provides the notice of redemption. If MARA redeems fewer than all the outstanding notes, at least $75 million aggregate principal amount of notes must be outstanding and not subject to redemption as of the relevant redemption notice date. Holders of notes may require MARA to repurchase for cash all or any portion of their notes on March 1, 2029 or u...