Bitcoin Miner Greenidge Generation to Sell $50M in Bonds

Bitcoin mining company Greenidge Generation Holdings (NASDAQ: GREE) plans to sell $50 million worth of five-year notes.

The Nasdaq-listed company has entered into an agreement with an underwriter for the sale of $50 million worth of 8.5% senior notes due 2026, according to a filing with the U.S. Securities and Exchange Commission that was dated last Friday.
The offering is expected to close today.
“In addition, the underwriting agreement grants the underwriters a 30-day option to purchase from the company up to an additional $5,200,000 aggregate principal amount of the notes,” the filing said.
Greenidge expects to raise about $48.3 million from the sale, which it will use to repay other debts and fund capital expenditures and future acquisitions.
Earlier this month, the company announced that it expects to post a net loss of $16 million to $19 million for the third quarter, which includes a $30 million charge for its merger with IT support provider Support.com.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.