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Verano Refinances $350 Million Credit Facility with

#Verano #Refinances #Million #Credit #Facility

  • Verano refinances existing $350 million credit facility, extending the maturity with a four-year term
  • Floating interest rate based on the prime rate and at a current rate of 12.75%, which reflects favorably on Verano given today’s rising-rate environment
  • Credit Agreement structure provides Verano with the opportunity to obtain up to $270 million of additional debt financing, comprised of $120 million of real-estate secured indebtedness, a $100 million accordion, and a $50 million revolving credit facility
  • Optional prepayment features allow for up to a $100 million prepayment at any time for a favorable $1 million prepayment fee, allowing Verano to actively manage its blended cost of capital
  • In the medium term, Verano is targeting a blended interest rate on total indebtedness of 10.5% as the Company plans to continue to pursue lower cost real-estate secured indebtedness, similar to its recently executed mortgages with fixed interest rates below the current prime rate

CHICAGO, Oct. 27, 2022 (GLOBE NEWSWIRE) — Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced it has entered into a credit agreement to refinance its existing $350 million credit facility, extending the maturity date to October 30, 2026. The refinanced indebtedness bears interest at a floating rate based on the prime rate, with a current rate of 12.75% per annum.

The refinanced facility provides the Company flexibility to secure additional future indebtedness of up to $270 million, comprised of $120 million in third-party mortgages secured by real estate that is currently unencumbered, a $100 million accordion under the new credit facility to be funded at the option of the existing lenders, and a $50 million third-party revolving credit facility upon the passage of cannabis banking legislation, in each case subject to certain conditions. The ability to incur an additional $120 million in indebtedness secured…

Read on GNW: Verano Refinances $350 Million Credit Facility with

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