Cresco Labs Closes Financing With Lenders to Extend Maturity of Senior Secured Term Loan and Increase Facility to $200 Million
Cresco Labs Closes Financing With Lenders to Extend Maturity of Senior Secured Term Loan and Increase Facility to $200 Million
12/14/20, 12:34 PM
Location
chicagoMoney raised
$200 million
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today the closing of the agreement with lenders to extend the maturity of its senior secured term loan (the “Senior Loan”) and exercise of the mutual option to increase the loan size to US$200 million. All lenders have agreed to extend the Senior Loan maturity to January 23th, 2023 at a reduced interest rate of 12% per annum. Additionally, under the terms of the new agreement, Cresco Labs is provided with greater prepayment optionality.
Company Info
Location
chicago, illinois, united states
Additional Info
Cresco Labs is one of the largest vertically-integrated multi-state cannabis operators in the United States. Cresco is built to become the most important company in the cannabis industry by combining the most strategic geographic footprint with one of the leading distribution platforms in North America. Employing a consumer-packaged goods (“CPG”) approach to cannabis, Cresco’s house of brands is designed to meet the needs of all consumer segments and includes some of the most recognized and trusted national brands including Cresco, Remedi, High Supply, Reserve, Good News and Mindy’s Chef Led Artisanal Edibles created by James Beard Award-winning chef Mindy Segal. Sunnyside, Cresco’s national dispensary brand, is a wellness-focused retailer designed to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco provides the industry’s first national comprehensive Social Equity and Educational Development (SEED) program designed to ensure that all members of society have the skills, knowledge and opportunity to work in and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.