11:20 AM EDT, 08/12/2024 (MT Newswires) -- (Updates to add the stock movement in the headline and the first paragraph.)

Marathon Digital Holdings ( MARA ) shares fell nearly 8% in recent trading Monday after the company said it plans to offer $250 million in convertible senior notes due 2031 through a private offering.

Initial buyers would be granted an option to purchase up to an additional $37.5 million aggregate principal amount of the notes, Marathon said.

The notes are Marathon's unsecured senior obligations bearing interest payable semi-annually in arrears, starting March 1 next year, and will mature Sept. 1, 2031, the company said.

Marathon said it intends to use proceeds from the proposed offering to acquire additional bitcoin, alongside general corporate purposes.

Price: 15.69, Change: -1.35, Percent Change: -7.90