Ascend Wellness Holdings, Inc., a multi-state, vertically integrated cannabis operator, has received commitments for a private placement of $235 million of its 12.75 percent senior secured notes due 2029. The notes are expected to be issued at a price of 94.75 percent of face value. The company intends to use the net proceeds of the notes, together with cash on hand, to prepay $215 million of principal amounts outstanding under its existing term loan. The partial refinancing of the term loan through the issuance of new senior secured notes is a strategic move expected to enhance the company's financial flexibility and strengthen its balance sheet.
Seaport Global Securities LLC acted as lead financial advisor and sole placement agent for the notes.
Stikeman Elliott represented Ascend Wellness Holdings with a team that included Donald Belovich, Colin Burn, Nicholas Nevis, Ryan Johnson, Craig Harasymchuk (Securities), John Lennard (Tax) and Sabina Delvecchio (Securities Law Clerk).
