Cresco laboratories (OTC: CRLBF) has tapped a brand new supply of financing. The business announced Thursday early morning so it has entered into an understanding having a syndicate of loan providers for the senior secured term loan center for approximately $200 million.
The initial draw-down of up to $100 million should happen “on or just around” Jan. 30, the business stated.
Image supply: Getty Photos
Each draw regarding the loan shall be for a phrase of 1. 5 years or two years, during the loan provider’s discernment. The interest that is annual begins at approximately 12.7percent for the previous term, and around 13.2percent for the latter. They will be payable quarterly in arrears.
Cresco stated when you look at the press launch heralding the monies that are new they have been to be utilized to expand its existence in Illinois. This appears specially well-timed, as on Jan. 1 the usage and purchase of leisure cannabis became appropriate within the state. Continue reading