Bitcoin mining company MARA initiates consent solicitation process for Long Ridge's $600 million notes to advance asset acquisition

Odaily Planet Daily reported that Nasdaq-listed Bitcoin mining company MARA Holdings has initiated a consent solicitation process with holders of Long Ridge Energy's $600 million senior secured notes (due 2032) to amend relevant indenture terms.

MARA previously signed an agreement on April 29 to acquire 100% of the equity of Long Ridge's parent company. Since this transaction would trigger the "change of control" clause in the notes, MARA would theoretically be required to repurchase all outstanding notes in cash at 101% of their principal amount. In this consent solicitation, MARA seeks noteholders' approval to exclude the transaction from the definition of "change of control" and to designate MARA and its affiliates as "permitted holders." (Globenewswire)