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TerrAscend Announces Closing of US $120 Million Debt Financing
TerrAscend Announces Closing of US $120 Million Debt Financing 4 year term lo...
About this update from Terrascend Corp.
[{"type":"text","content":"\n \n \n \n TerrAscend Announces Closing of US $120 Million Debt Financing\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 4 year term loan bears interest of 12.875%, has no equity component and is callable any time\n \n \n \n \n No additional external funding required to satisfy final Ilera Healthcare earn-out payments\n \n \n \n \n NEW YORK\n \n and\n \n TORONTO\n \n ,\n \n Dec. 18, 2020\n \n /CNW/ - TerrAscend Corp. (\"TerrAscend\" or the \"Company\") (CSE:TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced it has closed a\n \n US$120 million\n \n Senior Secured Term Loan (the \"Term Loan\") with a syndicate of lenders. The loan is solely secured by the Company's\n \n Pennsylvania\n \n -based Ilera Healthcare Division (\"Ilera\"). The Term Loan will bear interest of 12.875% per annum, with a 4 year maturity and is callable any time. There are no warrants being issued as part of the offering.  Subject to certain conditions of the agreement, the Company has the ability to increase the facility by up to\n \n US$30 million\n \n . The loan proceeds, combined with expected cash balances, will be used to satisfy the remaining 2021 Ilera earn-out payments. The Term Loan was arranged by Seaport Global Securities, LLC, as lead manager, and supported by ATB Global.\n \n \n \n \n \n \n \n \n \n TerrAscend's Ilera Healthcare Division is a vertically integrated operation in\n \n Pennsylvania\n \n which provides world class cultivation and manufacturing from its 144,000 square foot facility located in Waterfall and operates three highly productive dispensaries which are located in\n \n Plymouth Meeting\n \n ,\n \n Lancaster\n \n , and\n \n Thorndale\n \n .\n \n \n \"\n \n Pennsylvania\n \n is a very attractive limited license state, and we have a leadership position with Ilera. I am very proud of the Ilera team and how they have executed and delivered. This financing demonstrates the Company's ability to access the capital markets, with favorable terms for our industry, based on strong fundamentals,\...