9621 Agnes Crossing, Lake Suzanneview, New Mexico Island 84604-9295.
Mining company Marathon Digital Holdings has agreed to open a $100 million revolving line of credit secured by bitcoin from Silvergate Capital. $MARA Increases debt funding capacity by
Mining company Marathon Digital Holdings has agreed to open a $100 million revolving line of credit secured by bitcoin from Silvergate Capital.
$MARA Increases debt funding capacity by $100 million by expanding loan facilities 👇
– refinanced existing $100 million revolving LOC
– Added $100 million term loan
Details are here: https://t.co/GJ5bqdfAQ6
— Marathon Digital Holdings (@MarathonDH) August 1, 2022
According to the terms, Marathon will receive $50 million immediately and $50 million within 270 days from July 28. The rate on the credit line will be variable and will initially be 7.25% per annum. The deal is for two years.
Marathon also agreed to refinance a $100 million loan due in October 2022. Extended until July 2024.
“The marathon provided extraordinary flexibility in terms of financing options”– aforementioned CFO Hugh Gallagher Company.
Recall that in June, public mining companies sold a total of 14,600 BTC, which corresponds to 23% of their total reserves in the first cryptocurrency.
In the second quarter, Marathon Digital Holdings reduced its bitcoin mining by 44% to 707 BTC. The company’s reserves were 10,055 BTC (~$199 million as of July 7), cash was $88.7 million, and outstanding loans were $35 million.
Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
