Bitcoin mining company MARA has initiated a consent solicitation process for Long Ridge's $600 million notes to advance asset acquisition

NASDAQ-listed Bitcoin mining company MARA Holdings has initiated a consent solicitation process for holders of its $600 million senior secured notes to amend certain 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 noteholders to exclude this transaction from the definition of "change of control" and to designate MARA and its affiliates as "permitted holders."