Chicago, Oct. 8 – Greenidge Generation Holdings Inc. sold an upsized $50 million offering of 8½% $25-par five-year notes (Egan-Jones: B), according to a final term sheet on Friday.
Originally, the company had planned for $40 million of the notes.
The greenshoe option was downsized to $5.2 million from $6 million.
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 Hutton, a division of Benchmark Investments LLC, is acting as lead manager.
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.
| Issuer: | Greenidge Generation Holdings Inc.
|
| Issue: | Senior notes
|
| Amount: | $50 million
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| Greenshoe: | $5.2 million
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| Maturity: | Oct. 31, 2026
|
| Bookrunners: | EF Hutton, B. Riley Securities Inc., Ladenburg Thalmann & Co. Inc., William Blair & Co. LLC and Northland Securities
|
| Co-managers: | Aegis Capital Corp., Colliers Securities LLC, Maxim Group LLC, Wedbush Securities Inc., and B.C. Ziegler & Co.
|
| Coupon: | 8 ½%
|
| Price: | Par of $25.00
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| Yield: | 8 ½%
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| Call features: | Starting in 2023 at 102, in 2024 at 101 and par starting in 2025
|
| Trade date: | Oct. 11
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| Settlement date: | Oct. 13
|
| Ratings: | Egan-Jones: B
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: GREEL
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| Cusip: | 39531G209
|
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