Cannabis real estate lender AFC Gamma announced plans to raise $100 million through an upcoming debt offering.
According to a Wednesday news release, net proceeds from AFC Gamma’s offering of senior unsecured notes will be used:
- “To fund loans related to unfunded commitments to its existing borrowers.”
- To originate new loans and for working capital and other general corporate purposes.
The senior unsecured debt will be due in 2027.
The Florida-based company did not specify the interest rate of the notes.
The timing of the offering, as well as the exact terms, “will depend on market conditions and other factors,” the release noted.
AFC Gamma priced a March initial public offering on the Nasdaq exchange to raise nearly $119 million.
The company also priced a June underwritten public offering to raise at least $56 million.
Shares of AFC Gamma trade as AFCG.