By Devika Patel
Knoxville, Tenn., Nov. 5 – Vireo Health International, Inc. arranged a $46 million three-year senior secured delayed-draw term loan with Green Ivy Capital, according to a press release.
The loan bears interest at a fixed rate of 13.25% and comes with 30% warrant coverage, with each warrant exercisable at a 15% premium to the closing price on the trading day immediately preceding each funding date.
An initial $10 million tranche is expected to close in December.
Proceeds from the facility will be used to support working capital, organic growth and acquisition opportunities.
Based in Vancouver, B.C., Vireo researches cannabis for medical use.
| Issuer: | Vireo Health International, Inc.
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| Issue: | Senior secured delayed-draw term loan
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| Amount: | $46 million
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| Maturity: | Three years
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| Coupon: | 13.25%
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| Warrants: | 30% coverage
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| Warrant strike price: | 15% premium to the closing price on the trading day immediately preceding each funding date
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| Investor: | Green Ivy Capital
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| Announcement date: | Nov. 5
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| Distribution: | Private placement
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