Curaleaf completes new $50 million revolving credit facility
Curaleaf Holdings, Inc. (OTCQX: CURLF), a leading U.S. provider of consumer products in cannabis, today announced successful completion a new $50 million, three-year secured revolving credit facility. The net proceeds from borrowings under the credit agreement are expected to be used to fund capital expenditures to support future growth initiatives, potential acquisitions, and for general corporate purposes.
Joseph Bayern, Curaleaf Chief Executive Officer, commented, “As Curaleaf continues to successfully execute on its growth strategy focused on leveraging the rapidly expanding market for U.S. medical and adult-use cannabis, particularly in light of the recent election results and their expected impact on the sector, the new revolving credit facility we announced today provides additional financial flexibility to our capital structure as well as the opportunity to create future value at a more favorable cost of capital.”
The new three-year secured revolving credit facility has a maturity date of January 10, 2024. Borrowings under the facility bear interest on any outstanding principal of 10.25%. The facility was fully drawn at closing.
Seaport Global Securities LLC acted as the sole placement agent for the credit facility.
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