Marathon Digital expands credit facilities with Silvergate to boost funding options

Marathon Digital (NASDAQ:MARA) on Monday has renewed its loans with cryptocurrency bank Silvergate (NYSE:SI) by refinancing its existing $100M revolving credit line and as well as adding a $100M term loan on July 28.The term loan, which carries a variable interest rate with an initial draw priced at 7.25%, includes a delayed draw feature that allows crypto miner Marathon (MARA) to draw $50M at the time of closing and $50M more up to 270 days after closing.Both facilities are backed by bitcoin (BTC-USD) and mature in July 2024."The combination of a term loan and revolver provide Marathon with exceptional flexibility as to our funding options,” said Marathon Digital CFO Hugh Gallagher. “With these facilities in place, we have achieved our goals of adding both capacity and optionality in financing our future operations growth."Previously, (July 18) Marathon Digital secured hosting capacity to support its bitcoin mining operations.