Ascend Wellness Holdings, Inc. a leading multi-state, vertically integrated cannabis operator, today announced it has closed on a US$210 million Senior Secured Term Loan (the “Term Loan”) with Seaport Global Securities LLC as lead manager. AWH intends to use the proceeds to (i) repay substantially all of the Company’s debt excluding approximately US$12 million of outstanding acquisition payments with near-zero interest rates, (ii) finance the Company’s pending investment in MedMen NY, Inc., and (iii) support the Company’s future growth and acquisition initiatives. This Term Loan further strengthens the company’s strong cash position. Prior to closing the Term Loan, at the end of Q2 2021, ending June 30, 2021, the Company had $104.2 million in cash and equivalents. The Term Loan will bear an interest of 9.5% per annum, payable quarterly in arrears, with a maturity date of August 27, 2025. The Term Loan is secured by a first lien on all Company assets. Subject to certain conditions of the agreement, the Company has the ability to increase the facility by up to US$65 million if desired.
Published Ncv Newswire, New Cannabis Ventures, 08/30/2021 07:36:00