Nasdaq-listed Bitcoin mining firm MARA Holdings has initiated a consent solicitation process for holders of Long Ridge Energy's $600 million senior secured notes (due 2032) to amend the relevant indenture terms.
MARA had previously signed an agreement on April 29 to acquire 100% of Long Ridge's parent company equity. Since the transaction would trigger the "change of control" clause in the notes, it would theoretically require a cash repurchase of all outstanding notes at 101% of their principal amount. MARA is now seeking consent from noteholders to exclude this transaction from the definition of "change of control" and to designate MARA and its affiliates as "permitted holders." (Globenewswire)