Greenidge greenshoe lifts 8½% $25-par notes to $55.2 million

By Marisa Wong

Los Angeles, Oct. 13 – The underwriters of Greenidge Generation Holdings Inc.’s offering of 8½% $25-par five-year notes (Egan-Jones: B) exercised their $5.2 million over-allotment option in full, bringing the total deal size to $55.2 million, according to a press release.

Greenidge had priced an upsized $50 million of the 8½% $25-par five-year notes on Friday. Originally, the company had planned for $40 million of the notes with a $6 million greenshoe.

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

B. Riley Securities Inc., Ladenburg Thalmann & Co. Inc., William Blair & Co. LLC and Northland Securities are the joint bookrunning managers of the deal. EF Hutton, a division of Benchmark Investments LLC, is 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.

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