Greenidge Generation plans $40 million of $25-par notes due 2026

By Rebecca Melvin

Concord, N.H., Oct. 5 – Greenidge Generation Holdings Inc. is planning to sell $40 million of $25-par senior notes due 2026, according to a company news release and an S-1 filing with the Securities and Exchange Commission.

There will be an over-allotment option for an additional $6 million of notes.

Late last month, the company said it was planning to price $100 million of $25-par senior notes due 2026.

The notes will be redeemable starting in 2023 at 102, then in 2024 at 101 and at par starting in 2025.

B. Riley Securities Inc., Ladenburg Thalmann & Co. Inc., William Blair & Co. LLC and Northland Securities are acting as joint bookrunning managers of the deal. EF Huttom, a division of Benchmark Investments LLC, will act as lead manager.

Co-managers are Aegis Capital Corp., Colliers Securities LLC, Maxim Group LLC, Wedbush Securities Inc., and B.C. Ziegler & Co.

Proceeds will be used for general corporate purposes, including funding future acquisitions and investments, repaying debt, making capital expenditures and funding working capital.

The notes will be listed on the Nasdaq Global Select Market under the symbol “GREEL.”

Greenidge is an owner of a vertically integrated bitcoin mining and power generation facility in Dresden, N.Y.

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