MARA Targets BTC And Debt Buybacks With New $700M Convertible Notes Offering: MSTR’s Michael Saylor Says It Is ‘A Company On The Bitcoin Standard’
MARA Holdings Inc (NASDAQ:MARA) has announced another private offering of $700 million of zero-coupon convertible senior notes due 2031 after completing a $1 billion offering of 0% convertible senior notes due 2030 in November.
What Happened: The notes will be offered to qualified institutional buyers with 0% interest and no accretion of principal, as per the company’s press release. The interest rate, initial conversion rate, and other terms of the notes will be determined at the time of pricing of the offering.
The current offering will also be primarily to acquire bitcoin and repurchase existing convertible notes due 2026.
The conversion price of $1 billion notes that were offered to the investors in November represented a premium of approximately 42.5% over the Nov. 18 mid-day share price of $18.1848.
From the previous offering after deducting the initial purchasers’ discounts and commissions MARA raised approximately $980 million. Of that, it used $199 million to repurchase $212 million in aggregate principal amount of its existing convertible notes due 2026. The remainder of the net proceeds were used …
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