Summary by Moomoo AI
Marathon Digital completed a $1 billion private offering of 0.00% convertible senior notes due 2030, including $150 million from the initial purchasers' fully exercised option. The notes were sold at 100% of principal amount, generating net proceeds of approximately $980 million after discounts and commissions.The company plans to use $199 million to repurchase $212 million of existing convertible notes due 2026, with the remainder allocated for bitcoin acquisition and general corporate purposes. The notes are convertible into cash, common stock, or a combination at Marathon's election, with an initial conversion rate of 38.5902 shares per $1,000 principal amount, equivalent to $25.9133 per share.The notes mature on March 1, 2030, with no regular interest payments. Marathon can redeem the notes after March 5, 2028, if its stock price reaches 130% of conversion price. Holders can require repurchase on December 1, 2027, or upon fundamental changes at 100% of principal amount.
