Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF), the owner of RISE Dispensaries announced on Thursday it has closed on a $150 million 5-year syndicated credit facility led by Valley National Bank, the principal subsidiary of Valley National Bancorp.
What Happened: The notes have a maturity date of Sept. 11, 2029 and will bear interest from the date of issue at a secured overnight financing rate (SOFR) + 500 basis points, payable quarterly.
The company said the transaction did not involve the issuance of any Green Thumb equity to any of the participating banks.
Why It Matters: The Chicago-based cannabis consumer packaged goods company plans to use proceeds along with existing cash to retire its $225 million senior secured debt due April 30, 2025.
Ben Kovler, the company's founder, chairman and CEO called the financing deal "a first-of-its-kind credit facility for the U.S. cannabis industry."
"This new capital funding further strengthens our already clean balance sheet for another five ...
