AcquisitionsMay 15, 2026, 05:17 PM
MARA Secures Noteholder Consent for Long Ridge Acquisition
AI Summary
MARA Holdings, Inc. announced the successful expiration of its consent solicitation, securing approval from a majority of holders of Long Ridge Energy LLC's 8.750% Senior Secured Notes due 2032. This approval prevents the upcoming acquisition of Long Ridge Energy & Power LLC by MARA's subsidiary from triggering a "Change of Control" event, which would have required an offer to purchase the Notes at 101% of principal. The amendments will become operative upon the transaction's closing, expected in H2 2026, and payment of a $2.50 per $1,000 principal consent fee to consenting holders.
Key Highlights
- MARA's subsidiary secured requisite consents from holders of Long Ridge Energy LLC's 8.750% Senior Secured Notes due 2032.
- The amendments prevent the acquisition of Long Ridge Energy & Power LLC from triggering a "Change of Control" event.
- Without the amendments, a "Change of Control" would require an offer to purchase Notes at 101% of principal.
- Consenting Holders will receive a $2.50 fee per $1,000 in principal amount of Notes.
- The acquisition of Long Ridge Energy & Power LLC is expected to close in H2 2026, potentially Q3 2026.
- The transaction is subject to regulatory approvals, including Hart-Scott-Rodino Act and Federal Energy Regulatory Commission.
Price Impact
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