According to ChainCatcher, MARA Holdings launched a consent solicitation for Long Ridge Energy’s $600 million senior secured notes to modify covenant terms and advance its acquisition of Long Ridge’s parent company.
MARA signed an agreement on April 29 to acquire 100% of Long Ridge’s parent company. The transaction would trigger a change-of-control clause in the notes, which theoretically requires MARA to repurchase all outstanding notes at 101% of principal. MARA is seeking to exclude the transaction from the change-of-control definition and designate itself and affiliates as permitted holders.
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