TerrAscend raises $21.7M in convertible debentures, retires $11.1M higher-rate debt

TerrAscend Corp.

Issued 21,702 secured convertible debentures at US$1,000 each for aggregate gross proceeds of US$21.7M.
Used US$11.1M to retire existing 9.9% senior unsecured convertible debentures maturing June 23, 2026.
Debentures bear 8.00% cash interest (PIK at 9-10%), mature Sept 30, 2031; convertible at US$0.87 per share.
Debentures secured by second lien on U.S. assets; subordinated to FG Loan; $10M prepayment on FG Loan also made.
Balance of proceeds available for M&A and debt repayment/refinancing; insider Edward J. Schutter bought 1,000 debentures.

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