04:03 AM EDT, 08/13/2024 (MT Newswires) -- Marathon Digital Holdings ( MARA ) said Monday that it priced its private offering of $250 million of 2.125% convertible senior unsecured notes due Sept. 1, 2031.

The company also granted the initial purchasers a 13-day option to buy up to an additional $50 million of the notes. The offering is expected to close on Wednesday.

Interest on the notes will be payable semi-annually in arrears, starting March 1, 2025. The conversion rate will initially be 52.9451 shares of MARA common stock per $1,000 of notes, equivalent to an initial conversion price of about $18.89 per share.

The company said it plans to use the net proceeds to acquire additional bitcoin and for general corporate purposes.

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