Cannabis multistate operator Ayr Wellness is revamping its significant corporate debt, announcing several steps that include:
Extending by two years the maturity date of its senior notes due December 2024 in a deal under which Ayr will issue new shares. A commitment for $50 million in additional debt financing, which would result in $40 million in cash for Ayr “if funded.” Amending a promissory note with Nevada cannabis retailer LivFree Wellness, which Ayr acquired as part a 2019 qualifying transaction in 2019 by its predecessor SPAC.
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Ayr’s latest move to address its debt comes after the company deferred paying $69 million in debt obligations earlier this year.
The deal to extend Ayr’s senior notes until December 2026 received the support of roughly 75% of the noteholders, Ayr said in a Thursday news release.
The old 12.5% senior notes will be swapped for 13% senior
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