Agricultural biotechnology company 22nd Century Group, which focuses on hemp, tobacco and hops, says it has reduced the outstanding amount of its senior secured debt by $8.1 million.
The Buffalo, New York-based company said its senior secured credit facility now has roughly $14 million outstanding, down from $22.1 million, following “an amendment and waiver process with its lenders.”
ADVERTISEMENT
“The reduction reflects a waiver and repayment of the $7.5 million minimum cash balance required under terms of the original debenture agreements,” 22nd Century Group said in a Wednesday news release.
An existing promissory note was also assigned as part of the deal, with $600,000 of the note allocated to reduce the outstanding principal and $2 million allocated “to a reduction in the put price associated with the lenders’ outstanding warrants, which portion was subsequently canceled.”
“The remaining principal loan balance of $14 million and remaining $500,000 of
Read full article on Marijuana Business Daily
