MARA has initiated a consent solicitation process for the $600 million notes of Long Ridge to advance the asset acquisition

According to market news, Nasdaq-listed Bitcoin mining company MARA Holdings has initiated a holder consent solicitation process regarding Long Ridge Energy's $600 million senior secured notes to amend the relevant covenant terms.

MARA had previously signed an agreement on April 29 to acquire 100% of the parent company of Long Ridge. Since this transaction would trigger the "change of control" clause in the notes, it theoretically requires a cash buyback of all outstanding notes at 101% of the price. MARA is seeking the consent of the noteholders to exclude this transaction from the definition of "change of control" and to list MARA and its affiliates as "permitted holders."