MariMed, Inc. (OTCQX:MRMD), a leading multi-state cannabis operator, announced it closed a $35 million secured credit facility with Chicago Atlantic Advisors, LLC as the lead lender.
"I am delighted to announce the closing of this transformative credit facility (...) MariMed is known for its operational and financial discipline, resulting in one of the strongest balance sheets in the cannabis industry, enabling us to secure this funding," said Jon Levine, MariMed president and interim CEO. "While we are capable of funding our current growth plans with cash flow from operations, the time is right to raise capital and accelerate these plans, which we believe will result in meaningful returns to our shareholders."
What Happened: MariMed closed a $35 million credit facility with a three-year maturity and the 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.
- The facility bears interest at a floating rate based on the 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, per a company press release.
"We are excited to support the growth of MariMed. The team has consistently demonstrated its ability to profitably expand across an attractive six-state footprint for the benefit of its patients and adult-use customers. We look forward to significantly growing our investment with them in the future," said John Mazarakis, partner of Chicago Atlantic.
Chicago Atlantic acted as a lead arranger with the specialty finance company Silver Spike Investment Corp. (NASDAQ:SSIC) for the senior secured credit facility, also serving as the administrative agent for the credit facility.
In the arrangement of the senior secured credit facility, Echelon Capital Markets acted as the financial advisor to MariMed.
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MariMed公司(場外交易代碼：MRMD)是一家領先的多州大麻運營商，該公司宣佈完成了與芝加哥大西洋顧問公司作為牽頭貸款人的3500萬美元擔保信貸安排。
我很高興地宣佈關閉這一變革性的信貸安排(……)MariMed以其運營和財務紀律而聞名，從而形成了大麻行業最強勁的資產負債表之一，使我們能夠獲得這筆資金。喬恩·萊文、MariMed總裁和臨時首席執行官。雖然我們有能力用運營現金流為我們目前的增長計劃提供資金，但現在是籌集資金和加快這些計劃的時候了，我們相信這將為我們的股東帶來有意義的回報。“
怎麼了：MariMed完成了一項3500萬美元的信貸安排，期限為三年，在某些條件下能夠延長到五年期限。
- MariMed在收盤時借入了3,000萬美元，並可能在接下來的六個月裡再借出至多500萬美元。
- 資金將用於完成在伊利諾伊州的新種植和加工設施和在密秀克裡州的新加工廚房的建設，擴大馬薩諸塞州和馬利蘭州的現有種植和加工設施，為其他資本支出提供資金，並全額償還2022年4月收購馬利蘭的好心治療公司的賣方票據，剩餘資金將用於收購。
- 該安排以銀行最優惠利率加5.75%為基礎的浮動利率計息，包括30%的權證覆蓋範圍，溢價20%。
- 根據公司2022年年度EBITDA指引的中點，公司的債務/EBITDA比率現在是1.5倍。
- 根據公司新聞稿，MariMed可以在前20個月後償還本金貸款餘額，而不會受到懲罰。
芝加哥大西洋公司合夥人約翰·馬扎拉基斯表示：“我們很高興能支持MariMed的發展。該團隊一直證明瞭它有能力在具有吸引力的六個州進行有利可圖的擴張，造福於其患者和成人客戶。我們期待著在未來大幅增加我們與他們的投資。”
芝加哥大西洋公司擔任專業金融公司的牽頭安排人Silver Spike投資公司納斯達克(SIC：SSIC)負責高級擔保信貸安排，同時也是該信貸安排的行政代理。
在高級擔保信貸安排中，梯隊資本市場擔任MariMed的財務顧問。
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世界上最成功的大麻商業活動，本辛加大麻之都會議回到邁阿密舉行第16屆。這裡是達成交易的地方，是籌集資金、開始並購、公司會見投資者和關鍵合作夥伴的地方。4月11日至12日，歡迎入住佛羅裡達州楓丹白露邁阿密海灘酒店。不要錯過。現在請確保您的機票安全。價格很快就會飆升。
圖片：由Geralt和Kindel Media提供Pixabay編輯Benzinga
