Greenidge amends NYDIG loans; cash requirement cut to $6M, payments suspended

Greenidge Generation Holdings Inc.

Minimum cash reduced from $10M to $6M; all interest/principal payments suspended until Dec 29, 2023, or earlier closing of asset sale.
Outstanding loan principal $17.69M with $0.19M accrued interest; amendments replace limited waiver from Aug 11.
Amendments support planned deleveraging via asset sale (Spartanburg Purchase Agreement) to NYDIG affiliates.
Final maturity extended to Jan 30, 2025, or earlier if Spartanburg sale closes.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Greenidge Generation Holdings Inc. amended Secured Promissory Note with NYDIG ABL LLC (effective 2023-08-21).

Action: amendment
Agreement: credit facility
Counterparty: NYDIG ABL LLC
Effective: 2023-08-21

Exact text from the filing

On August 21, 2023, Greenidge Generation Holdings Inc. (the "Company") amended its Senior Secured Loan and Secured Promissory Note with NYDIG ABL LLC ("NYDIG") in furtherance of the non-binding term sheet that the Company entered into with NYDIG in June to effect a deleveraging transaction.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Greenidge Generation Holdings Inc. amended Senior Secured Loan with NYDIG ABL LLC (effective 2023-08-21).

Action: amendment
Agreement: credit facility
Counterparty: NYDIG ABL LLC
Effective: 2023-08-21

Exact text from the filing

On August 21, 2023, Greenidge Generation Holdings Inc. (the "Company") amended its Senior Secured Loan and Secured Promissory Note with NYDIG ABL LLC ("NYDIG") in furtherance of the non-binding term sheet that the Company entered into with NYDIG in June to effect a deleveraging transaction.

View on SEC.gov

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Greenidge Generation Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-030375

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