Verano upsizes credit facility to $250 million, cuts interest rate

Chicago, Oct. 20 – Verano Holdings LLC upsized its credit agreement to $250 million, representing additional funding of $120 million with an 18-month maturity, according to multiple press releases.

The incremental borrowings come with a non-dilutive 8.5% rate, lower than the previous 9.75%.

There is also the option to borrow an additional $100 million using the 8.5% interest rate.

Chicago Atlantic Advisors, LLC is the lead administrative agent and collateral agent.

AFC Gamma, Inc. participated on the credit facility by funding $50 million of the $120 million tranche.

Proceeds provide the company with additional capital to execute on its growth plan.

Verano Holdings is a Chicago-based operator of licensed cannabis cultivation, manufacturing and retail.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.