Marathon Digital, a cryptocurrency mining firm, has expanded its credit facility with Silvergate Bank by refinancing its current $100 million revolving line of credit with an additional $100 million term loan.
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The Las Vegas-based company said in a press release that the new credit term includes the ability to draw $50 million at the time of closing and an additional $50 million up to 270 days after closing. Hugh Gallagher, Marathon's Chief Finance Officer, said:
"With these facilities in place, we have achieved our goals of adding both capacity and optionality in financing our future operations growth."
The term loan priced at 7.25%. Marathon says there are "no amounts outstanding under the revolving credit facility at this point." The new credit line is backed by bitcoin (EXANTE: Bitcoin) and mature in July 2024.
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