The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Chicago Atlantic Advisors Closes $35MM Credit Facility with MariMed
Thursday, January 26, 2023
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Lenders/Participants
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Chicago Atlantic Advisors [Administrative Agent, Lead Arranger]
Silver Spike Investment Corp. [Joint Lead Arranger]
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Structure
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Senior Secured Credit Facility
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Amount
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$35.000
Million
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Borrower(s)
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MariMed
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Description
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MariMed closed a $35 million credit facility with a three-year maturity and an ability to extend to a five-year maturity under certain conditions; MariMed borrowed $30 million at close and can draw down up to an additional $5 million over the next six months; Funds will be used for completing the build-out of a new cultivation and processing facility in Illinois and a new processing kitchen in Missouri, expanding existing cultivation and processing facilities in Massachusetts and Maryland, funding other capital expenditures, and repaying in full the Kind Therapeutics seller notes from the Maryland acquisition in April 2022, with the remaining balance to be used for acquisitions;
Facility bears interest at a floating rate based on bank prime rate plus 5.75% and includes 30% warrant coverage priced at a 20% premium;
The Company’s Debt/EBITDA ratio based on the midpoint of the Company’s 2022 annual EBITDA guidance is now 1.5X.
MariMed can repay the principal loan balance without penalty after the first 20 months.
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Industry
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Cannabis
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Location
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MA
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| Related Tags |
Cannabis, Chicago Atlantic Advisors
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ABL Advisor
Deal Tables
2023
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