Marijuana multistate operator Ayr Wellness completed its previously announced plan to manage its significant debt by extending the maturity date of its senior notes from 2024 to 2026.
According to a news release, Ayr has retired or extended the maturity of nearly $400 million in debt over the past year.
The Miami-based MSO also raised $40 million of new capital by issuing $50 million in additional senior notes, which mature in 2026.
As a result of the arrangement – it was announced in November – as of Feb. 5, Ayr issued:
Roughly 29 million subordinate voting shares to 2024 senior noteholders. Approximately 5 million subordinate voting shares to the backstop provider. Around 23 million anti-dilutive warrants to its shareholders.
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