Business
Greenidge Generation Announces Commencement of Cash Tender Offer and Exchange Offer for Senior Notes Due 2026
PITTSFORD, N.Y.--(BUSINESS WIRE)-- Greenidge Generation Holdings Inc. (Nasdaq: GREE) (“Greenidge” or the “Company”), a vertically integrated cryptocurrency
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":" PITTSFORD, N.Y.--(BUSINESS WIRE)--\nGreenidge Generation Holdings Inc. (Nasdaq: GREE) (“Greenidge” or the “Company”), a vertically integrated cryptocurrency datacenter and power generation company, today announced the commencement of two separate concurrent offers (collectively, the “Tender/Exchange Offer” or the “Offer”) to exchange or to purchase, at the election of each holder, its outstanding 8.50% Senior Notes due 2026 (the “Old Notes”), which trade on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “GREEL,” subject to the Cash Payment Limit described below.\n\n\nThe Tender/Exchange Offer consists of the following:\n\n\n\nAn offer to exchange (the “Exchange Option”) the Old Notes for a new series of 10.00% Senior Notes due 2030 (the “New Notes”), in an amount equal to $11.00 principal amount of New Notes for each $25.00 principal amount of Old Notes exchanged; and,\n\n\n\nAn offer to purchase (the “Tender Option”) the Old Notes for cash, in an amount equal to $8.50 for each $25.00 principal amount of Old Notes tendered, provided that if the holder elects to tender at or prior to 5:00 P.M., New York City time, on Wednesday, July 2, 2025 (the “Early Tender Date”), then cash in the amount equal to $9.00 (the “Early Tender Premium”) for each of the $25.00 principal amount of Old Notes tendered shall be paid. If the cash required to purchase all of the Old Notes tendered under the Tender Option exceeds $3.0 million (the “Cash Payment Limit”), Greenidge will accept the Old Notes tendered for purchase on a pro rata basis.\n\n\n\nAs of June 16, 2025, the closing price of the Old Notes was $7.98 per Old Note on Nasdaq. The Exchange Option represents a premium of 38% to the closing trading price as of June 16, 2025, a 43% premium to the Old Notes’ 30-day volume weighted average price (“VWAP”) and a 50% premium to the 60-day VWAP as of June 16, 2025. The Early Tender Date option represents a premium of 13% to the closing trading price as of June 16, 2025, a 17% premium to the Old Notes’ 30-day VWAP and a 23% premium to the 60-day VWAP as of June 16, 2025. The Tender Option represents a premium of 7% to the closing trading price as of June 16, 2025, an 11% premium to the Old Notes’ 30-day VWAP and a 16% premium to the 60-day VWAP as of June 16, 2025. The Company intends to list the New Notes on Nasdaq under the symbol “GRE...