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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Gotham Green Partners to Provide Up to $250MM Financing to Cannabis Company
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Lenders/Participants
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Gotham Green Partners [Lender]
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Structure
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Senior Secured Convertible Facility
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Amount
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$250.000
Million
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Borrower(s)
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MedMen Enterprises Inc.
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Description
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A senior secured convertible credit facility of up to US$250,000,000 (the “ Facility ”) from funds managed by Gotham Green Partners (“ GGP ” or the “ Investor ”), an investor in the global cannabis industry. The investment from GGP will be in the form of convertible senior secured notes issued by MM CAN USA, Inc., a subsidiary of the Company, totaling up to US$250,000,000 (“ Notes ”) on a private placement basis pursuant to applicable securities laws exemptions. The Notes will be issuable in three tranches, with each of the second and third tranches being issuable at the option of the Company, subject to certain conditions and share price thresholds being achieved by MedMen. The initial tranche will be in the amount of US$100,000,000 (“ Tranche I ”). The additional US$150,000,000 would be funded in two US$75,000,000 tranches. The second tranche (“ Tranche II ”) would be available to the Company beginning on the six-month anniversary of the closing date, and the third tranche (“ Tranche III ”) would be available to the Company beginning on the six-month anniversary of the funding date of Tranche II. All Notes will have a maturity date of 36 months from the closing date (“ Maturity Date ”), with a 12-month extension feature available to the Company on certain conditions, including payment of an extension fee. Notes will bear interest from their date of issue at LIBOR + 6.0% per annum. During the first 12 months, interest may be paid-in-kind (“ PIK ”) at the Company’s option such that any amount of PIK interest will be added to the outstanding principal of the Notes. The Company shall have the right after the first year, to prepay the outstanding principal amount of the Notes prior to maturity, in whole or in part, upon payment of 105% of the principal amount in the second year and 103% of the principal amount thereafter.
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Industry
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Cannabis
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Location
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CA
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| Related Tags |
Gotham Green Partners
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ABL Advisor
Deal Tables
2024
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