MARA Secures Consent for Key Debt Restructuring Ahead of Long Ridge Acquisition — MARA Holdings, Inc.

Event summary

MARA Holdings secured requisite consents from noteholders to amend the indenture governing Long Ridge Energy's $8.750% Senior Secured Notes due 2032.
The amendments will prevent a 'Change of Control' trigger that would have required MARA to repurchase the notes at 101% of par value.
Consent fee of $2.50 per $1,000 principal amount was offered to participating noteholders.
Transaction closing expected in second half of 2026, pending regulatory approvals including Hart-Scott-Rodino and FERC clearance.

The big picture

This debt restructuring is a critical step in MARA's $1.5 billion acquisition of Long Ridge Energy, positioning the company to expand its digital energy infrastructure capabilities. The transaction reflects broader industry consolidation trends as traditional energy players pivot toward high-performance computing applications. Success hinges on navigating complex regulatory hurdles and maintaining financial discipline through the integration process.

What we're watching

Regulatory Timing: Whether MARA can secure Hart-Scott-Rodino and FERC approvals within the expected third-quarter closing window.
Integration Strategy: How MARA will integrate Long Ridge's operations into its digital energy infrastructure portfolio.
Debt Management: The impact of the amended indenture terms on MARA's overall capital structure and financial flexibility.