TechFlow reports that on May 9, according to GlobeNewswire, Nasdaq-listed Bitcoin mining company MARA Holdings has launched a consent solicitation among holders of Long Ridge Energy’s $600 million senior secured notes (maturing in 2032) to amend certain covenant terms.
MARA previously signed an agreement on April 29 to acquire 100% of the equity of Long Ridge’s parent company. As this transaction would trigger the “Change of Control” provision in the notes, MARA would theoretically be required to redeem all outstanding notes in cash at 101% of their principal amount. MARA is now seeking consent from note holders to exclude this transaction from the definition of “Change of Control” and to designate MARA and its affiliates as “Permitted Holders.”
