Greenidge plans upsized $35 million tap of 8½% notes due 2026

By Marisa Wong

Los Angeles, Dec. 1 – Greenidge Generation Holdings Inc. is planning to sell $35 million of additional $25-par senior notes due 2026, according to an amended S-1 filing with the Securities and Exchange Commission.

The offering includes an up to $5.25 million greenshoe, for a total of up to $40.25 million.

A previous S-1 filing stated that the tap issue would be sized at up to $28.75 million, inclusive of a $3.75 million greenshoe.

The notes will be a further issuance of and form a single series with the $55.2 million of 8½% notes due 2026 issued on Oct. 13.

B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc. and William Blair & Co., LLC are the bookrunners for the tap issue, according to the amended filing.

EF Hutton, a division of Benchmark Investments, LLC, is the lead manager.

Aegis Capital Corp., Alexander Capital LP, Colliers Securities LLC, Northland Securities, Inc., Revere Securities LLC, Wedbush Securities Inc. and B.C. Ziegler & Co. are co-managers.

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

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. 30, the last reported sale price of the notes was $24.65.

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

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