The 0% convertible senior notes are due 2032

Davis Polk advised the representative of the initial purchasers in connection with a Rule 144A offering by MARA Holdings, Inc. of $950 million aggregate principal amount of its 0.00% convertible senior notes due 2032. In addition, Davis Polk advised the counterparties to the capped call transactions entered into in connection with the offering.

MARA Holdings deploys digital energy technologies to advance the world’s energy systems. Harnessing the power of compute, MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure. Building on its expertise to redefine the future of energy, MARA develops technologies that reduce the energy demands of high-performance computing applications, from AI to the edge.

The Davis Polk corporate team included partners Alan F. Denenberg and Daniel P. Gibbons and associates Paula Gergen, Savannah J. Dowling and Cole Davis. The equity derivatives team included partner Caitlin L. Wood, counsel Justin Michael and associate Ji Hwan Kim. The tax team included partner Aliza Slansky and counsel Yixuan Long. Members of the Davis Polk team are based in the Northern California and New York offices.

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