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

According to GlobeNewswire, Nasdaq-listed Bitcoin mining company MARA Holdings has initiated a consent solicitation process among holders of Long Ridge Energy’s $600 million senior secured notes (maturing in 2032) to amend certain covenant provisions. MARA previously signed an agreement on April 29 to acquire 100% of the equity interest in Long Ridge’s parent company. As this transaction would trigger the “change of control” provision in the notes, MARA would theoretically be required to redeem all outstanding notes in cash at 101% of par value. MARA is now seeking consent from note holders to exclude this transaction from the definition of “change of control” and to designate MARA and its affiliates as “permitted holders.”