Curaleaf Holdings, a multistate marijuana operator based in Massachusetts, said Wednesday it closed a debt offering after increasing its size to $300 million from $275 million.
When the initial deal was announced last month, it was believed to be the largest amount of debt raised in the U.S. marijuana industry.
The notes on the debt, raised from a syndicate of lenders, carry an annual interest rate of 13%, with a maturity of 48 months from closing.
The proceeds will be used to:
- Refinance existing debt.
- Pay transaction fees and expenses from previously announced acquisitions.
- Fund capital expenditures and for general corporate purposes.
Curaleaf CEO Joseph Lusardi said “upsizing” the deal strengthens the company’s balance sheet without diluting existing shareholders.
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