Foley Hoag advised Ascend Wellness Holdings, Inc. (AWH) (CSE: AAWH.U, OTCQX: AAWH), a leading multi-state, vertically integrated cannabis operator, in closing on a $50 million private placement of senior secured notes. The notes, issued at 97.5% of face value, are a supplemental part of a $235 million debt offering commenced in July and carry an interest rate of 12.75%. The notes will mature in July 2029. Ascend Wellness Holdings intends to use the net proceeds of the Notes, together with cash on hand, to prepay the total principal amounts outstanding under its existing term loan, along with accrued interest and other transaction-related expenses.
Foley Hoag attorneys Thomas Draper, Ryan Rourke Reed, Caroline Samp, Eliana Sanchez, Sarah Moore, and Elijah Beal represented Ascend Wellness Holdings in this closing.