Bitcoin Miner Greenidge Generation to Sell $50M in Bonds

The company expects to raise about $48 million from the offering.

Oct 13, 2021 at 11:38 a.m. UTC
Updated Oct 13, 2021 at 1:29 p.m. UTC

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

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.

Jamie Crawley is a CoinDesk news reporter based in London.