Foley Hoag Represents Ascend Wellness Holdings in $210M Senior Debt Financing
August 31, 2021
Foley Hoag LLP represented Ascend Wellness Holdings, Inc. (AWH) (CSE: AAWH.U, OTCQX: AAWH), a leading multi-state, vertically integrated cannabis operator, in closing on a $210 million Senior Secured Term Loan with Seaport Global Securities LLC as lead manager. The Term Loan will bear interest of 9.5% per annum, payable quarterly in arrears, with a maturity date of August 27, 2025, and is secured by a first lien on all company assets. Subject to certain conditions of the agreement, AWH has the ability to increase the facility by up to $65 million if desired. AWH intends to use the proceeds to finance its pending investment in US cannabis retailer MedMen NY, Inc.; to support its future growth and acquisition initiatives; and to repay substantially all of its debt excluding approximately $12 million of outstanding acquisition payments with near zero interest rates.
AWH is a vertically integrated operator with assets in Illinois, Michigan, Ohio, Massachusetts, and New Jersey. AWH owns and operates state-of-the-art cultivation facilities, growing award winning strains and producing a curated selection of products. AWH produces and distributes Ozone branded products.
About Foley Hoag LLP
Foley Hoag provides innovative, strategic legal services to public, private and government clients across the globe. We have premier capabilities in the life sciences, healthcare, technology, energy, professional services and private funds fields, and in cross-border disputes. The diverse backgrounds, perspectives and experiences of our lawyers and staff contribute to the exceptional service we deliver to clients ranging from startups to multinational companies to sovereign states. For more information, visit www.foleyhoag.com or follow @FoleyHoag on Twitter.