Greenidge Generation Announces Two Concurrent Offers To Exchange Or Purchase 8.50% Sr. Notes

(RTTNews) - Greenidge Generation Holdings Inc. (GREE), a vertically integrated cryptocurrency datacenter and power generation company, Tuesday said it has initiated two concurrent offers to exchange or to purchase its outstanding 8.50% senior notes due 2026.

The tender/exchange offer consists of an offer to exchange the old notes for a new series of 10% senior notes due 2030, in an amount equal to $11 of new notes for each $25 of old notes exchanged; and an offer to tender the old notes for $8.50 per $25 of old notes. If the holder chooses to tender the notes before July 2, $9 for each of the $25 of old notes tendered shall be paid.

Further, if the cash required to purchase the old notes tendered exceeds $3 million, Greenidge will accept the old notes tendered for purchase on a pro rata basis.

As of June 16, the closing price of the old note was $7.98 on Nasdaq. The exchange option represents a premium of 38% to the closing price as of June 16, and the Early Tender Date option represents a premium of 13%.

The company has set $58.27 million as the maximum amount for which old notes may be exchanged and purchased under tender/exchange offer, which is expected to close on July 17.