Verano Holdings (CSE: VRNO) issued a brief press release this morning, indicating the company has entered into an amended and restated credit agreement for its previously outstanding US$30 million loan. The amendment has seen the facility increase to US$130 million.
Under the amended arrangement, Verano will gain access to an additional $100 million in non-dilutive funding via the senior secured term loan. The loan has a maturity date of May 30, 2023, and bears interest at a rate of 9.75% per annum.
Funding from the arrangement is to be used for additional coverage of recently announced M&A activity, as well as for the company to have “flexibility” to pursue opportunities and to enhance its financial position.
Verano Holdings last traded at $24.20 on the CSE.
Information for this briefing was found via Sedar, and Verano Holdings. 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.
