Verano Holdings Corp. (VRNO): debt financing — Verano subsidiary borrows $28M at 8.34% fixed, secured by Florida property

Verano Holdings Corp.

$27,998,750 loan from First Federal Bank; 300-month amortization, balloon Dec 2028.
Fixed annual interest 8.34% (default 18%); prepayment penalties 0-2% based on timing.
Secured by mortgage on 15.24-acre property at 5909 US Hwy 41 N, Apollo Beach, FL.
Proceeds used to recoup cash spent on capital improvements to strengthen balance sheet.
Guaranteed by Verano Holdings Corp. and an affiliate subsidiary.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Verano Holdings Corp. incurred loan of $27,998,750 with First Federal Bank at 8.34% maturing December 26, 2028.

Instrument: loan
Principal: $27,998,750
Counterparty: First Federal Bank
Rate: 8.34%
Maturity: December 26, 2028
Event: incurrence

Exact text from the filing

The Loan Agreements provide for $27,998,750 in principal borrowings and require sixty monthly installment payments based on a 300-month amortization schedule. All unpaid principal and interest is due in full on December 26, 2028.

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

Verano Holdings Corp. entered into Loan Agreement with First Federal Bank valued at $27,998,750 (effective 2023-12-26).

Action: entry
Agreement: credit facility
Counterparty: First Federal Bank
Value: $27,998,750
Effective: 2023-12-26

Exact text from the filing

On December 26, 2023, a subsidiary of Verano Holdings Corp. (the “Company”) as the borrower (“ Borrower ”), entered into a Loan Agreement (the “ Agreement ”), with First Federal Bank (“ Lender ”).

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283 debt financings filed in the last 30 days. Browse all debt financings →

Verano Holdings Corp. filing history →

Source: SEC EDGAR

accession 0001493152-24-000123

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