AcquisitionsMay 7, 2026, 08:32 AM
MARA Seeks Consent to Amend $600M Notes for Long Ridge Acquisition
AI Summary
MARA Holdings, Inc. announced that its subsidiary, MARA USA Corporation, has commenced a consent solicitation to amend the indenture governing $600 million of 8.750% Senior Secured Notes due 2032 issued by Long Ridge Energy LLC. This action is to facilitate the acquisition of 100% of Long Ridge Energy & Power LLC by MARA USA, ensuring the transaction does not trigger a "Change of Control" clause in the existing debt agreement. Consenting noteholders will receive a fee of $2.50 per $1,000 principal amount, with the solicitation expiring on May 15, 2026. The acquisition is anticipated to close in the second half of 2026.
Key Highlights
- MARA USA Corporation will acquire 100% of Long Ridge Energy & Power LLC.
- Consent solicitation launched for $600,000,000 of 8.750% Senior Secured Notes due 2032.
- Proposed amendments prevent the acquisition from triggering a "Change of Control" under the Indenture.
- Holders who consent will receive a fee of $2.50 per $1,000 principal amount of Notes.
- The consent solicitation expires on May 15, 2026, at 5:00 p.m. New York City time.
- Requisite Consents require a majority of the aggregate principal amount of the Notes.
- The transaction is expected to close in the second half of 2026, possibly Q3 2026.
Price Impact
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