Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
MARIMED INC. incurred credit facility of $35 million in principal borrowings; $30 million initially funded with Chicago Atlantic Admin, LLC at floating annual interest rate equal to the prime rate then in effect plus 5.75% maturing January 24, 2026, subject to extension to January 24, 2028.
- Instrument
- credit facility
- Principal
- $35 million in principal borrowings; $30 million initially funded
- Counterparty
- Chicago Atlantic Admin, LLC
- Rate
- floating annual interest rate equal to the prime rate then in effect plus 5.75%
- Maturity
- January 24, 2026, subject to extension to January 24, 2028
- Event
- incurrence
Exact text from the filing
Kind acquisition in April 2022. The remaining balance, if any, will be used to fund acquisitions. Principal, Security, Interest and Prepayments The Credit Agreement provides for $35 million in principal borrowings at the Borrowers’ option in the aggregate and further provides the Borrowers with the right, subject to customary conditions, to request an additional
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
MARIMED INC. entered into Loan and Security Agreement with Chicago Atlantic Admin, LLC valued at $35 million credit facility with $30 million funded at closing and up to $5 million additional drawd (effective 2023-01-24).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Chicago Atlantic Admin, LLC
- Value
- $35 million credit facility with $30 million funded at closing and up to $5 million additional drawd
- Effective
- 2023-01-24
Exact text from the filing
On January 24, 2023, MariMed Inc., a Delaware corporation (the “ Company ”), entered into a Loan and Security Agreement (the “ Credit Agreement ”), by and among the Company, subsidiaries of the Company from time-to-time party thereto (together with the Company, collectively, the “ Borrowers ”), lenders from time-to-time party thereto (the “ Lenders ”), and Chicago Atlantic Admin, LLC, a Delaware limited liability company (“ Chicago Atlantic ”), as administrative agent for the Lenders. Proceeds from the Credit Agreement are designated to complete the build-out of a new cultivation and processing facility in Illinois, complete the buildout of a new processing kitchen in Missouri, expand existing cultivation and processing facilities in Massachusetts and Maryland, fund certain capital expenditures, and to repay in full the Kind Therapeutics seller notes incurred in connection with the Kind acquisition in April 2022. The remaining balance, if any, will be used to fund acquisitions. Princip
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