MARIMED INC. (MRMD): debt financing — MariMed closes $58.7M debt refinancing at 8.43% fixed rate; expects $4.7M savings in first year

MARIMED INC.

10-year loan from Needham Bank with interest-only payments for first 12 months, then 20-year amortization.
Proceeds used to pay off $46.8M in existing debt (Chicago Atlantic, Bank of New England, Ermont seller note).
Remaining funds held in escrow for Hagerstown, MD cultivation facility expansion.
Loan secured solely by MD and MA assets; IL, OH, DE assets and brands (Betty's Eddies, Nature's Heritage) now unencumbered.
No warrants or equity component; estimated $3.5M annual savings in years 2-5.

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

MARIMED INC. incurred loan of $58.7 million with Needham Bank at Initial five-years: 8.43%. Interest rate resets after five-years to the FHLB Rat maturing Ten years.

Instrument: loan
Principal: $58.7 million
Counterparty: Needham Bank
Rate: Initial five-years: 8.43%. Interest rate resets after five-years to the FHLB Rat
Maturity: Ten years
Event: incurrence

Exact text from the filing

On November 16, 2023, Mari Holdings MD LLC, Hartwell Realty Holdings LLC, Kind Therapeutics USA, LLC, ARL Healthcare Inc., and MariMed Advisors, Inc., each a wholly-owned direct or indirect subsidiary of the Registrant (collectively, the “ Borrowers ”) entered into a Loan Agreement (the “ Loan Agreement ”), by and among Borrowers, and Needham Bank, a Massachusetts co-operative bank (the “ Lender ”) pursuant to which the Lender loaned to the Borrowers an aggregate principal amount of $58.7 million (the “ Loan Transaction ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.93

MARIMED INC. entered into Loan Agreement with Needham Bank valued at $58.7 million (effective 2023-11-16).

Action: entry
Agreement: credit facility
Counterparty: Needham Bank
Value: $58.7 million
Effective: 2023-11-16

Exact text from the filing

On November 16, 2023, Mari Holdings MD LLC, Hartwell Realty Holdings LLC, Kind Therapeutics USA, LLC, ARL Healthcare Inc., and MariMed Advisors, Inc., each a wholly-owned direct or indirect subsidiary of the Registrant (collectively, the “ Borrowers ”) entered into a Loan Agreement (the “ Loan Agreement ”), by and among Borrowers, and Needham Bank, a Massachusetts co-operative bank (the “ Lender ”) pursuant to which the Lender loaned to the Borrowers an aggregate principal amount of $58.7 million (the “ Loan Transaction ”).

View on SEC.gov

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MARIMED INC. filing history →

Source: SEC EDGAR

accession 0001522767-23-000129

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