The Cannabist Company Holdings Inc. has entered into a support agreement with holders representing approximately 61 percent of its outstanding Senior Notes to extend the maturity date of its senior secured debt to December 2028, with options to further extend through 2029. The transaction involves exchanging existing notes—comprising US$59.5 million of 2025 Notes, US$185 million of 2026 Notes, and US$25.55 million of 2027 Notes—for new 9.25 percent senior secured notes due December 31, 2028, or, for 2027 Note holders, the option to receive new convertible notes with the same conversion price and extended maturity. The transaction also includes the issuance of 118,209,105 new common shares, representing 24.99 percent of the company, to noteholders electing new senior notes, along with early consent and asset sale consent fees totaling US$3 million.
Moelis & Company LLC served as exclusive financial advisor to the company. Stikeman Elliott LLP and Dorsey & Whitney LLP acted as the company’s Canadian and U.S. legal counsel, respectively, while Goodmans LLP and Feuerstein Kulick LLP represented the supporting noteholders. Ducera Partners LLC acted as the financial advisor to the supporting noteholders’ counsel.
