TerrAscent enters $25M senior secured credit amendment, repays $55M existing debt

TerrAscend Corp.

Borrowed $25M via amended credit agreement; potential $30M incremental term loans with lender consent.
Cash interest at Prime + 6.0% per annum, floor of 13.0%; loan matures November 1, 2024.
Repaid $55M outstanding principal under existing credit using $30M cash on hand and $25M new borrowing.
Collateral: first-priority security on borrowers' assets and pledged equity of subsidiaries.
Guarantors: TerrAscend Corp. and TerrAscend USA, Inc.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TerrAscend Corp. amended Joinder and Second Amendment to Credit Agreement and Security Agreements with Chicago Atlantic Admin, LLC and the lenders party thereto valued at $25.0 million (effective 2022-11-29).

Action: amendment
Agreement: credit facility
Counterparty: Chicago Atlantic Admin, LLC and the lenders party thereto
Value: $25.0 million
Effective: 2022-11-29

Exact text from the filing

On November 29, 2022, WDB Holding MI, Inc. (“WDB Holding”), a Delaware corporation and wholly-owned subsidiary of TerrAscend Corp., an Ontario Corporation (“TerrAscend”), along with Gage Growth Corp., a Canadian federal corporation and wholly-owned subsidiary of TerrAscend, and certain other subsidiaries of TerrAscend (collectively, the “Borrowers”), entered into a Joinder and Second Amendment to Credit Agreement and Security Agreements (the “Amendment”) with the lenders party thereto, Chicago Atlantic Admin, LLC (“Chicago Atlantic”), as administrative agent for the lenders and as collateral agent for the secured parties thereto.

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TerrAscend Corp. filing history →

Source: SEC EDGAR

accession 0000950170-22-025837

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