On December 16th, Matador Technologies announced a revision of its convertible bond financing arrangement to USD 100 million. The initial USD 10.5 million tranche is allocated solely for the purchase of Bitcoin (BTC). Previous plans to hold 6,000 BTC by 2027 were also eliminated.
The bond features an 8% coupon rate that will drop to 5% after listing on Nasdaq/NYSE, while it can rise to 18% in case of default. A potential ‘special interest’ may offer additional return up to 50% of the principal during the initial offering.
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