IREN proposes $875 million convertible notes offering due 2031
NEW YORK - Greenidge Generation Holdings Inc. (NASDAQ:GREE), a cryptocurrency mining company currently operating with a significant debt burden of $63.27 million according to InvestingPro data, announced Friday it has amended its tender and exchange offers for its outstanding 8.5% Senior Notes due 2026, which trade under the symbol GREEL.
The cryptocurrency datacenter and power generation company has increased the purchase price under the tender option to $10.00 plus accrued interest for each $25.00 principal amount of notes, removed the early tender premium, and extended the expiration date to September 29, 2025. The company’s stock has shown significant volatility, with an 88% surge over the past six months despite challenging market conditions.
According to information provided by Computershare Trust Company, N.A., approximately $3.97 million in principal amount of the notes had been validly tendered and not withdrawn as of September 11, representing about 9% of the $44.35 million total outstanding notes. An additional $1,375 in principal amount was tendered under the exchange option.
Holders who already tendered their notes prior to the withdrawal date do not need to take further action to receive the increased purchase price, the company stated.
The complete terms and conditions of the amended offer are detailed in the company’s Amended and Restated Offer to Purchase/Exchange document dated September 12, 2025.
Greenidge Generation Holdings describes itself as a vertically integrated power generation company focused on cryptocurrency mining, infrastructure development, and related operations and maintenance services. With a current market capitalization of $23.2 million and rapidly depleting cash reserves, InvestingPro analysis reveals 12 additional key investment factors that could impact the company’s future performance.
This article is based on a press release statement from the company.
In other recent news, Greenidge Generation Holdings Inc. announced the launch of concurrent offers to exchange or purchase its outstanding 8.50% Senior Notes due 2026. The company is providing noteholders two options: exchanging their notes for new 10.00% Senior Notes due 2030 at a rate of $11.00 in new notes for each $25.00 of existing notes, or selling their notes back to the company for cash at $8.50 per $25.00 of principal amount. Additionally, Greenidge noted that holders who tender by a specified date can receive an increased cash payment of $9.00 per $25.00 of notes. In another development, Greenidge disclosed that Data Journey LLC has terminated their Purchase and Sale Agreement for two land parcels in Spartanburg, South Carolina. The agreement, which involved approximately 152 acres and was valued at $12.1 million in cash plus an 8% profit participation interest, was initially intended for constructing and operating a data center facility. These recent developments reflect ongoing strategic adjustments by Greenidge Generation Holdings Inc.
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