CCHWF - Columbia Care to issue $74.5M of 6.00% secured convertible notes due 2025

Columbia Care (CCHWF) to complete a private placement of up to $74.5M principal amount of 6.00% secured convertible notes due 2025, pursuant to an agency agreement entered on June 17, 2021 between the Company and a syndicate of agents.Canaccord Genuity is acting as sole bookrunner and co-lead agent for the offering, and ATB Capital Markets is acting as co-lead agent for the offering.Interest on notes will be payable semi-annually in arrears, while notes will mature on June 29, 2025.Initial conversion price about $6.49, based on conversion rate of 154 shares per $1,000 principal amount of notes, representing a 25% conversion premium over Jun. 17 stock price.The notes issued will be subject to a customary four-month hold period under Canadian securities laws.Net proceeds from the offering will be used for working capital and general corporate purposes.The transaction is expected to close on or about June 29, 2021.

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Columbia Care to issue $74.5M of 6.00% secured convertible notes due 2025