Ascend Wellness Holdings, Inc. Announces USD 210 Million Senior Debt Financing
August 30, 2021 at 07:00 am EDT
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Ascend Wellness Holdings, Inc. announced it has closed on a USD 210 million Senior Secured 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 USD 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 Second Quarter 2021, ending June 30, 2021, the Company had USD 104.2 million in cash and equivalents. The Term Loan will bear 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 USD 65 million if desired. The placement was lead-managed by Seaport Global Securities LLC and co-managed by ATB Capital Markets.
Ascend Wellness Holdings, Inc. is a vertically integrated multi-state cannabis operator. The Company is focused on operating in adult-use or near-term adult-use states in primarily limited license markets. It is engaged in cultivation, manufacturing, and distribution of cannabis consumer packaged goods, which are sold through Company-owned retail stores and to third-party licensed retail cannabis stores. The Company has licenses and assets in Illinois, Massachusetts, Maryland, Michigan, New Jersey, Ohio, and Pennsylvania. It produces and distributes its in-house Common Goods, Simply Herb, Ozone, Ozone Reserve, Royale, and Tunnel Vision branded products. The Company operates cultivation facilities in six states with approximately 245,000 square feet of total canopy. Common Goods is a no-frills brand that offers high value cannabis for everyday consumption. The brand comes in flower and pre-rolls. Ozone Reserve comes in exotic flower, refined concentrates, purified oils, and vapes.
ASCEND WELLNESS HOLDINGS, INC. 
