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

Odaily reports that Nasdaq-listed Bitcoin mining firm MARA Holdings has initiated a consent solicitation process among holders of Long Ridge Energy’s $600 million senior secured notes (maturing in 2032), aiming to amend relevant covenant terms.

MARA had previously signed an agreement on April 29 to acquire 100% equity of Long Ridge’s parent company. Since this deal would trigger the “change of control” clause in the notes, MARA would, in theory, need to repurchase all outstanding notes for cash at 101% of their price. MARA now seeks noteholder consent to exclude this transaction from the “change of control” definition and to designate MARA and its affiliates as “permitted holders.” (Globenewswire)