AAWH - Ascend Wellness To Issue $235M Of Senior Secured Notes To Prepay $215M Under Term Loan | Benzinga
New York-headquartered cannabis company Ascend Wellness Holdings, Inc. (OTCQX:AAWH) has received commitments for a private placement of $235 million of its 12.75% senior secured notes due 2029.
Ascend plans 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.
“We are thrilled to refinance $215 million of our existing term loan 13 months before its maturity," stated John Hartmann, CEO ...