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Columbia Care seeks to amend notes, convertibles due 2023, 2025
By Wendy Van Sickle
Columbus, Ohio, Jan. 6 – Columbia Care Inc. is soliciting consents from holders of its 13% senior secured notes due May 14, 2023, its 5% senior secured convertible notes due Dec. 19, 2023 and its 6% senior secured convertible notes due June 29, 2025, according to a press release Thursday.
The company said the key amendment it is seeking to the May 14, 2020 trust indenture governing the notes will significantly increase its borrowing capacity in support of growth initiatives.
Prior to the commencement of the consent solicitation, Columbia Care entered into support agreements with noteholders holding a majority of the outstanding principal amount of the collective notes.
Under these agreements, the noteholders agreed to deliver consents to the amendments prior to the deadline, 4 p.m. ET on Jan. 21. If noteholders representing a majority of the principal amount of the collective notes calculated as a single series deliver consents to the amendments by the deadline, the amendments will be approved. Thus, per the support agreements, the company expects the amendments will be approved.
A consent fee of $10 per $1,000 principal amount will be paid to holders who deliver their consents by the deadline, subject to receipt of the required consents and some other conditions.
The record date for the solicitation is Jan. 4.
Odyssey Trust Co. (888-290-1175 or coprtrust@odysseytrust.com) is the tabulation agent.
Based in New York, Columbia Care is a cultivator, manufacturer and provider of medical and adult use cannabis products and related services with licenses in 18 U.S. jurisdictions and the European Union.
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