MARA launches a consent solicitation process for Long Ridge's 600 million USD notes to advance asset acquisition
According to ChainCatcher, market sources report that Nasdaq-listed Bitcoin mining company MARA Holdings has initiated a consent solicitation process among the holders of Long Ridge Energy’s $600 million senior secured notes to amend certain covenant terms.
MARA previously signed an agreement on April 29 to acquire 100% equity of Long Ridge’s parent company. As this transaction would trigger the “change of control” clause in the notes, MARA would, in principle, be required to repurchase all outstanding notes for cash at 101% of their value. MARA is now seeking noteholder consent to exclude this transaction from the definition of “change of control” and to designate MARA and its affiliates as “permitted holders.”
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