Greenidge Generation (NASDAQ: GREE) announced an exchange offer on Wednesday to swap $36.6 million of its outstanding senior notes for new debt, offering an early exchange premium of 45% over the recent volume-weighted average price.
The transaction exchanges its 8.50% senior notes due in 2026 for new 10.00% senior notes maturing in 2030. The 2026 notes currently trade on the Nasdaq Global Select Market under the ticker GREEL.
Noteholders receive $25 in principal of the new 2030 notes for every $25 of old 2026 notes tendered. An early exchange incentive provides two shares of Greenidge Class A common stock alongside the $25 principal for noteholders tendering by March 25. The early exchange consideration marks a 45.0% premium to the 60-day volume-weighted average price of the old notes.
Noteholders tendering after March 25 and before the final expiration date receive only the $25 principal amount of the new notes.
The debt exchange requires a minimum tender of $11 million to close. This amount represents 30.0% of the outstanding 2026 notes.
The debt restructuring follows operational setbacks from late 2025. Greenidge sold its 60-megawatt power rights and land in South Carolina in December to raise capital amid low mining revenues. The asset divestiture occurred as Greenidge navigated financial pressures following a fire at its Dresden facility. The New York power plant experienced weeks of downtime following the incident.
