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TerrAscend refinances 'Michigan' loan with help from Chicago Atlantic
Chicago, Nov. 30 – TerrAscend Corp. subsidiary WDB Holding MI, Inc. refinanced an existing senior secured term loan with borrowings from Chicago Atlantic Admin, LLC, according to a press release.
The new C$25 million loan bears interest at the greater of 13% or Prime plus 600 basis points.
The loan matures Nov. 1, 2024.
No prepayment fees are due if the company voluntarily prepays the loan after 18 months.
There is an additional C$30 million incremental loan that has not been drawn.
The new loan from Chicago Atlantic refinances an existing C$55 million loan that was announced on Nov. 22, 2021.
The refinancing loan reduces TerrAscend’s interest expense.
Based in Toronto, TerrAscend provides products, brands and services to the cannabinoid market.
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