HBORF - Harborside secures $12M revolving credit facility

Harborside (HBORF) entered into a loan financing arrangement with a commercial federally regulated bank for $12M after a senior secured revolving credit facility due March 2024.The facility has a variable interest rate based on the prime rate charged by the bank plus a premium, with a floor rate of 5.75%, and will be secured by a first-priority security interest on substantially all of the company's assets.Loan proceeds to be used for supporting the purchase of the company's 47-acre production campus later in 2021."This loan is a significant milestone for the entire U.S. cannabis industry and testament to the work that Harborside has done over the last four quarters in an effort to deliver for our customers and shareholders," chairman Matthew Hawkins commented.Besides a commercial security agreement and an upfront cash payment for principal amount, the company has agreed to issue 4.1K warrants to the bank to purchase multiple voting shares of the company

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Harborside secures $12M revolving credit facility