MARA initiates consent solicitation process to modify $600 million bill terms

According to Globenewswire, Nasdaq listed Bitcoin mining company MARA Holdings has initiated a consent solicitation process for holders of Long Ridge Energy's $600 million senior secured notes (due in 2032) to modify relevant contract terms. MARA has previously signed an agreement to acquire 100% equity of Long Ridge's parent company. As this transaction will trigger a "change of control" clause in the notes, all outstanding notes need to be repurchased in cash at a price of 1.01. MARA seeks the consent of the note holder to exclude the transaction from the definition of "change of control" and to list MARA and its affiliates as "licensees".