Bitcoin Miner Greenidge Generation to Sell $50M in Bonds

Bitcoin mining company Greenidge Generation Holdings (NASDAQ: GREE) plans to sell $50 million worth of five-year notes.

• The Nasdaq-listed company has entered into an agreement with an underwriter for the sale of $50 million worth of 8.5% senior notes due 2026, according to a filing with the U.S. Securities and Exchange Commission that was dated last Friday.
• The offering is expected to close today.
• “In addition, the underwriting agreement grants the underwriters a 30-day option to purchase from the company up to an additional $5,200,000 aggregate principal amount of the notes,” the filing said.
• Greenidge expects to raise about $48.3 million from the sale, which it will use to repay other debts and fund capital expenditures and future acquisitions.
• Earlier this month, the company announced that it expects to post a net loss of $16 million to $19 million for the third quarter, which includes a $30 million charge for its merger with IT support provider Support.com.

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