Greenidge plans up to $28.75 million tap of 8.5% notes due 2026

By Marisa Wong

Los Angeles, Nov. 18 – Greenidge Generation Holdings Inc. is planning to sell up to $28.75 million of additional $25-par senior notes due 2026, according to an S-1 filing with the Securities and Exchange Commission.

The maximum offering amount includes a $3.75 million greenshoe.

The notes will be a further issuance of and form a single series with the $55.2 million of 8.5% notes due 2026 issued on Oct. 13.

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. is the bookrunner for the tap issue.

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

The original notes have been listed on the Nasdaq Global Market under the symbol “GREEL” since Oct. 14. On Nov. 16, the last reported sale price of the notes was $25.30.

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

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