Greenidge Revises 8.50% Note Exchange: $25 New Notes, Two Shares, No $11M Threshold
Greenidge Generation amended its exchange offer for its 8.50% Senior Notes due 2026, offering $25 principal of New Notes plus two Class A shares per $25 of Old Notes and waiving the $11.0M tender threshold. By the March 25 deadline, holders tendered only $1.334M of the $36.664M outstanding Old Notes.
1. Offer Amendments
Greenidge Generation amended its Exchange Offer for its 8.50% Senior Notes due 2026 by revising the consideration to $25 principal amount of New Notes and two shares of Class A common stock for each $25 principal of Old Notes, removing the Early Tender Premium and Early Tender Date provisions, and waiving the $11.0 million minimum tender condition.
2. Tender Participation
As of the 5:00 p.m. New York City time withdrawal deadline on March 25, holders validly tendered and did not withdraw $1,334,025 in aggregate principal amount of Old Notes out of $36,663,875 outstanding, representing a tender participation rate of approximately 3.64%.
3. Next Steps and Implications
Holders who tendered by the deadline will automatically receive the revised consideration without further action, while unexchanged Old Notes remain outstanding; the amendments aim to improve participation but will result in equity dilution for existing shareholders if exchanges occur.