Bitcoin mining firm Greenidge Generation Holdings (NASDAQ: GREE) plans to sell $50 million worth of five-year bonds.
- The Nasdaq-listed firm has entered into an agreement with an underwriter for the sale of $50 million worth of 8.5% senior notes due 2026, according to an SEC filing dated Oct. 8.
- 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 around $48.25 million from the sale, which it will use to repay other debts and fund capital expenditure and future acquisitions.
- Earlier this month, the mining firm announced that for the quarter ended Sept. 30, it expects to post a net loss of $16 million – $19 million, driven by around $30 million of charges associated with its merger with IT support provider Support.com.