TORONTO, Oct. 01, 2024 (GLOBE NEWSWIRE) -- TerrAscend Corp. ("TerrAscend" or the "Company") (TSX:TSND, OTCQX:TSNDF), a leading North American cannabis company, today announced that certain entities consolidated by the Company (the "Consolidated Entities") in Michigan have completed the second draw of US$26 million in gross proceeds of the Company's senior secured term loan (the "Loan") for total gross proceeds of US$140 million from funds managed by FocusGrowth Asset Management, LP, a leading capital provider to the cannabis sector, along with other members of a loan syndicate, which was previously announced on August 2, 2024 (the "Transaction"). The proceeds from the second draw were used to pay down the Company's higher interest Michigan debt. The Loan included an initial draw of US$114 million in gross proceeds, which was completed in August 2024, bringing the total gross proceeds under the Transaction to US$140 million.
The Loan carries an interest rate of 12.75%, matures in August 2028, contains no prepayment penalties and is guaranteed by the Company and TerrAscend USA, Inc. No warrants were issued as part of the Loan. The Loan is secured by the Consolidated Entities in Pennsylvania, California and Michigan, as well as certain entities in Maryland.
Ventum Capital Markets acted as the exclusive financial advisor to the Company for the Transaction.
About TerrAscendTerrAscend is a leading TSX-listed cannabis company with interests across the North American cannabis sector, including vertically integrated operations in Pennsylvania, New Jersey, Maryland, Michigan and California through TerrAscend Growth Corp. and retail operations in Canada through TerrAscend Canada Inc. ("TerrAscend"). TerrAscend operates The Apothecarium, Gage and other dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's cultivation ...
