Deal Strengthens Curaleaf’s Balance Sheet and Liquidity
WAKEFIELD, Mass., Jan. 15, 2020 /PRNewswire/ — Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF), a leading vertically integrated cannabis operator in the United States, today announced the upsizing and closing of a Senior Secured Term Loan Facility (the “Facility”) from a syndicate of lenders totaling US$300 million. The notes bear interest at a rate of 13.0% per annum, payable quarterly in arrears, with a maturity 48 months from closing.
The proceeds will be used to refinance existing debt, satisfy transaction fees and expenses from previously announced acquisitions, fund capital expenditures and for general corporate purposes. The sole placement agent for the Facility is Seaport Global Securities LLC.
“We are pleased with the upsizing and closing of the deal at what we believe to be attractive terms,” said Joseph Lusardi, Chief Executive Officer of Curaleaf. “Most importantly we strengthened our balance sheet without diluting our existing shareholders. With the completion of this transaction, we have ample liquidity to execute on our strategy and are well-positioned to take advantage of the significant market opportunities that exist in this space.”
About Curaleaf Holdings
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading vertically integrated multi-state cannabis operator in