iAnthus extends senior secured bridge notes by two years

By Marisa Wong

Los Angeles, Feb. 20 – iAnthus Capital Holdings, Inc., along with its wholly owned subsidiary, iAnthus New Jersey, LLC, amended the terms of the senior secured bridge notes issued on Feb. 2, 2021 to some related-party lenders and other third-party lenders, according to a press release.

The maturity date of the bridge notes has been extended to Feb. 16, 2026 from Feb. 16, 2024.

The interest rate on the principal amount outstanding will remain the same, at 12%, but interest accruing after Feb. 16 will be payable in quarterly cash payments.

In addition, the amendment provides for an amendment fee equal to 10% of the principal amount of the notes, which will be satisfied through the issuance of common shares. The aggregate number of common shares to be issued to satisfy the amendment fee is 61,314,272.

As of the amendment date, the aggregate principal amount outstanding on the bridge notes is about $15.8 million.

The company said it has agreed to utilize 25% of non-operation cash receipts in excess of $5 million to make payments towards the principal amount outstanding under the bridge notes.

Based in New York, iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States.

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