Business
TerrAscend Announces Amendment of Pennsylvania Credit Agreement
TerrAscend Announces Amendment of Pennsylvania Credit Agreement Canada NewsWire ...
About this update from Terrascend Corp.
[{"type":"text","content":"\n \n \n \n TerrAscend Announces Amendment of Pennsylvania Credit Agreement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Amendment will reduce Company debt by\n \n $35 million\n \n and annual interest expense by\n \n $5 million\n \n \n \n \n \n Combined with recently announced debt retirement of\n \n $125 million\n \n , Company debt will be\n \n reduced by a cumulative\n \n $160 million\n \n and will result in total annual interest savings of $15\n \n million\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Dec. 21, 2022\n \n \n /CNW/ -\n \n TerrAscend Corp.\n \n (\"\n \n TerrAscend\n \n \") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced that its subsidiary, WDB Holding PA, Inc., has completed an amendment (the \"Amendment\") to its existing\n \n $115 million\n \n senior secured term loan in\n \n Pennsylvania\n \n (the \"Loan\").\n \n \n \"TerrAscend has taken significant measures recently to reduce its outstanding debt and interest expense, further strengthening our path to positive sustainable cash flow from operations,\" said\n \n Jason Wild\n \n , Executive Chairman of TerrAscend. \"The Company has access to multiple additional sources of funds, many of which are non-dilutive and non-interest bearing in nature, and we intend to explore all options for continued debt reduction and balance sheet optimization,\" continued Mr. Wild.\n \n \n The Amendment will reduce Company debt by\n \n $35 million\n \n and annual interest expense by\n \n $5 million\n \n . Combined with recently announced debt retirement of\n \n $125 million\n \n , Company debt will be reduced by a cumulative\n \n $160 million\n \n and will result in total annual interest savings of\n \n $15 million\n \n \n .\n \n TerrAscend will make the\n \n $35 million\n \n payment on\n \n March 15, 2023\n \n at the original prepayment price of 103.22% to par. The Loan matures in\n \n December 2024\n \n and originally could not be prepaid without penalty until June 2023.\n \n \n Under the terms of th...