TerrAscend amends credit agreement: $35M prepayment, new PA property financing, covenant changes

TerrAscend Corp.

Prepay $35M of loans at 103.22% of principal plus accrued interest on March 15, 2023.
Permitted to enter sale-leaseback or incur mortgage financing up to $25M on Fulton County, PA property.
Will form NJ subsidiaries for Lodi and Maplewood treatment centers and grant security interest to lenders.
Replaced EBITDA-to-interest covenant with blocked account trigger if ratio falls below 2.00:1.00.
Amendment executed December 15, 2022 with lenders and agent Acquiom Agency Services.

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 Amendment No.3 to the Credit Agreement with the lenders party thereto, and Acquiom Agency Services LLC (effective 2022-12-15).

Action: amendment
Agreement: credit facility
Counterparty: the lenders party thereto, and Acquiom Agency Services LLC
Effective: 2022-12-15

Exact text from the filing

On December 15, 2022, WDB Holding PA, Inc. (“WDB Holding PA”), a wholly-owned subsidiary of TerrAscend Corp., an Ontario corporation (the “Company”), the Company, TerrAscend USA Inc. and certain subsidiaries of WDB Holding PA entered into an Amendment No.3 to the Credit Agreement (the “Amendment”) with the lenders party thereto, and Acquiom Agency Services LLC (the “PA Agent”), 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 0000950170-22-026851

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