Cannabist completes debt restructuring; issues new notes due 2028 and 118M shares

Cannabist Co Holdings Inc.

Exchanged 6.0% notes due June 2025 and 9.5% notes due Feb 2026 for new 9.25% senior notes due Dec 2028.
Issued 118,209,105 common shares to note holders on pro rata basis.
Issued 118,246,947 anti-dilutive warrants to existing shareholders of record May 27, 2025.
New senior notes have 9.25% cash interest; maturity extendable to Dec 2029 with 0.50% extension fee.
Covenants include minimum $15M liquidity from Sept 2025 and net leverage ratio from Mar 2026.

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