Green Thumb secures a ‘first-of its-kind’ credit facility of $150 million | Where to order Skittles Moonrock online

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Green Thumb Industries Inc. According to a press release issued on Thursday, (CSE: GTII) (OTCQX : GTBIF), it has closed a syndicated credit of $150 million.

The secured overnight financing rate (SOFR) plus 5 percent is the interest rate for the five-year facility led by Valley National Bank. The interest rate will fluctuate based on a benchmark rate determined by Treasury repurchase transactions plus a fixed 5-percentage-point spread.

Green Thumb The company plans to use these proceeds, along with cash already on hand, to retire the $225 million senior secured loan due April 30, 2025.

Ben Kovler, CEO of the U.S. Cannabis Industry, said that this financing was a first for the industry. Statement. “Green Thumb’s focus on cash-generation and disciplined capital allocation brought us to this pivotal moment.”

The oversubscribed non-brokered offer exclusively involving banks is a departure from the high-interest, equity diluting financing options that cannabis companies have traditionally been able to access. Notably, Valley National Bank Also led Trulieve Cannabis Corp. received a $71.5-million loan in 2022 with a 5-year interest rate of 7.53%. This was considered competitive.

The company announced on Thursday that the transaction did not include the issuance of Green Thumb equity by any of the participating bank.

Green Thumb, based in Chicago, views the deal as an important step forward For the sector. Kovler said that the company plans to use its new funding to continue expanding operations and to invest in brand development.

He said, “This new capital financing further strengthens our clean balance sheet,” for another five years.

John Meyer, senior vice president of commercial banking at Valley National Bank noted that the arrangement reflects Green Thumb’s “strong reputation” as a market leader and a company that is focused on building sustainable growth while maintaining a healthy balance sheet.