Trulieve Cannabis Corp (OTCMKTS: TCNNF) recently announced that the group had received commitments for a private placement of 8% Senior Secured Notes, due in 2026.
The overall gross value of the transaction is an estimated $350 million
According to reports in the media, it is learned that the overall gross value of the transaction is an estimated $350 million. The Notes which are involved in the offering will be issued at 100% of their face value. Furthermore, the Notes will become senior secured obligations of the group. The Notes owner is eligible for an interest rate of 8% per annum, which is payable semi-annually in equal installments till the date of maturity. The interest will be paid unless the Notes are repurchased or if they are redeemed earlier.
The date of maturity of the notes is October 6 2026
According to a source familiar with the developments, October 6 2026, is the date of maturity of the Notes. According to the rules, the Notes can be redeemed 100% or in installments at any date or from time to time. It has also come to light that two years from the date they are issued, the Notes are eligible for the applicable redemption price, which is prescribed in the supplemental indenture, which will be entered into on closure of the offering.
It is learned that the offering will be carried out according to the terms and conditions between Trulieve Cannabis Corp and Canaccord Genuity Group Inc (OTCMKTS: CCORF). The latter is a sole book runner and will act as an agent. In addition, the offer is subject to the terms, conditions, and approvals of the Canadian Securities Exchange (CSE). If all falls in place, the request is scheduled to close on October 6, 2021.
Here’s how the group will use the funds
The group has ambitious plans on how it will use the funds. The corporate house will use the net proceeds to redeem some of the outstanding indebtedness of Harvest Health & Recreation Inc (OTCMKTS: HRVSF). A part of the funds will be used for capital expenditures and corporate purposes.
Bhang Inc (OTCMKTS: BHNGF) inks expanded licensing agreement with Trulieve Cannabis Corp
Bhang Inc (OTCMKTS: BHNGF) is in the news again. In other developments from Trulieve Cannabis Corp, it has come to light that the group has inked an expanded licensing agreement with Bhang Inc. Under the terms and conditions of the deal, Trulieve Cannabis Corp is eligible to manufacture and sell Bhang’s award-winning, THC-infused chocolate products in all Trulieve markets.
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