Acreage Holdings Sources Up To $150 Million In Additional Debt

Continuing what appears to be the trend of the week, Acreage Holdings (CSE: ACRG.A.U) last night announced that it has secured up to $150 million in credit facilities. The debt comes in the form of an initial $100 million, with up to $50 million in additional funds available once certain milestones are hit.

The debt financing comes from AFC Gamma as well as Viridescent Realty Trust, the latter of which Acreage’s CEO Kevin Murphy is President and Chairman of. $60 million will be provided immediately by AFC Gamma, with a further $10 million provided by an affiliate of AFC. The remaining $30 million of the initial $100 million facility is to be held by Viridescent.

The debt is to bear interest at a rate of 9.75% per annum, which is payable monthly, and contains a maturity date of January 1, 2026. The facility is secured by first lien mortgages on all of the firms real estate.

Acreage has indicated that funding from the credit facility will be used to repay existing debt, for working capital, and to fund expansion.

Finally, the company has also amended the terms of an outstanding $33 million credit facility, which has seen its maturity extended from September 2023 to April 2026.

Acreage Holdings last traded at US$1.59 on the CSE.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Gold/Silver: People Can Still Lose Money In This Bull Market!? | Rick Rule

He Said $300 Silver!? | Peter Krauth

Dollar Will Collapse, Gold and Silver Are the Only Safe Havens | Jim Rogers

Recommended

Tsunami Warnings Spread As Largest Quake Since 2011 Hits Russia

Northern Superior Intersects 1.75 g/t Gold Over 65.0 Metres At Philibert

Related News

Red White & Bloom Closes Acquisition Of Acreage Florida Assets

Red White & Bloom (CSE: RWB) this morning announced the closing of the transaction to...

Wednesday, April 28, 2021, 07:56:34 AM

Acreage Holdings Posts Q4 Loss of $217mm on Revs of $10.4mm

Acreage Holdings (CSE: ACRG.u) reported earnings for Q4 2018 yesterday after the bell, indicating a...

Wednesday, March 13, 2019, 05:05:03 AM

Canopy to Buy Right to Acquire 100 percent of the Shares of Acreage in Proposed $3.4B Deal

It’s official. Canopy Growth Corporation (TSE: WEED) has announced a deal to purchase a right...

Thursday, April 18, 2019, 02:07:27 PM

Acreage Holdings Records US$56.9 Million In Revenue, US$13.9 Million Net Loss For Q1 2022

Acreage Holdings, Inc. (CSE: ACRG.A.U) last night released its Q1 2022 financial results, which saw...

Friday, May 6, 2022, 03:48:00 PM

Acreage Holdings’ Alternate Financial Reporting Universe

In keeping with the reporting pattern established over the company’s short, action-packed life, Acreage Holdings...

Wednesday, August 28, 2019, 11:11:06 AM