{"id":402851,"date":"2020-12-18T09:31:42","date_gmt":"2020-12-18T14:31:42","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=402851"},"modified":"2020-12-18T09:31:42","modified_gmt":"2020-12-18T14:31:42","slug":"terrascend-announces-closing-of-us-120-million-debt-financing","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/terrascend-announces-closing-of-us-120-million-debt-financing\/","title":{"rendered":"TerrAscend Announces Closing of US $120 Million Debt Financing"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">Canada NewsWire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p class=\"prntac\">\n        <i>4 year term loan bears interest of 12.875%, has no equity component and is callable any time<\/i>\n      <\/p>\n<p class=\"prntac\">\n        <i>No additional external funding required to satisfy final Ilera Healthcare earn-out payments<\/i>\n      <\/p>\n<p>\n        <span class=\"xn-location\">NEW YORK<\/span> and <span class=\"xn-location\">TORONTO<\/span>, <span class=\"xn-chron\">Dec. 18, 2020<\/span> \/CNW\/ &#8211; TerrAscend Corp. (&#8220;TerrAscend&#8221; or the &#8220;Company&#8221;) (CSE:TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced it has closed a <span class=\"xn-money\">US$120 million<\/span> Senior Secured Term Loan (the &#8220;Term Loan&#8221;) with a syndicate of lenders. The loan is solely secured by the Company&#8217;s <span class=\"xn-location\">Pennsylvania<\/span>-based Ilera Healthcare Division (&#8220;Ilera&#8221;).\u00a0The Term Loan will bear interest of 12.875% per annum, with a 4 year maturity and is callable any time. There are no warrants being issued as part of the offering.\u00a0 Subject to certain conditions of the agreement, the Company has the ability to increase the facility by up to <span class=\"xn-money\">US$30 million<\/span>. The loan proceeds, combined with expected cash balances, will be used to satisfy the remaining 2021 Ilera earn-out payments. The Term Loan was arranged by Seaport Global Securities, LLC, as lead manager, and supported by ATB Global.<\/p>\n<p>TerrAscend&#8217;s Ilera Healthcare Division is a vertically integrated operation in <span class=\"xn-location\">Pennsylvania<\/span> which provides world class cultivation and manufacturing from its 144,000 square foot facility located in Waterfall and operates three highly productive dispensaries which are located in <span class=\"xn-location\">Plymouth Meeting<\/span>, <span class=\"xn-location\">Lancaster<\/span>, and <span class=\"xn-location\">Thorndale<\/span>.<\/p>\n<p>&#8220;<span class=\"xn-location\">Pennsylvania<\/span> is a very attractive limited license state, and we have a leadership position with Ilera. I am very proud of the Ilera team and how they have executed and delivered. This financing demonstrates the Company&#8217;s ability to access the capital markets, with favorable terms for our industry, based on strong fundamentals,&#8221; said <span class=\"xn-person\">Jason Ackerman<\/span>, Executive Chairman and Chief Executive Officer of TerrAscend.<\/p>\n<p>TerrAscend acquired Ilera Healthcare in <span class=\"xn-chron\">September 2019<\/span> for a total consideration of up to <span class=\"xn-money\">US$225 million<\/span> based on an earn-out incentive structure. Due to the strong performance of the business, the sellers are entitled to the maximum earnout payment, of which <span class=\"xn-money\">US$135 million<\/span> remains.<\/p>\n<p>\n        <b><br \/>\n          <i>The Canadian Securities Exchange (&#8220;CSE&#8221;) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>About TerrAscend<\/b>\n      <\/p>\n<p>TerrAscend is a leading North American cannabis operator with vertically integrated operations in <span class=\"xn-location\">Pennsylvania<\/span>, <span class=\"xn-location\">New Jersey<\/span>, and <span class=\"xn-location\">California<\/span> in addition to operating as a licensed producer in <span class=\"xn-location\">Canada<\/span>. TerrAscend operates an award-winning chain of Apothecarium dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities on both the East and West coasts. TerrAscend&#8217;s best-in-class cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use market. The Company owns a number of synergistic businesses and brands, including The Apothecarium, Ilera Healthcare, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3017954-1&amp;h=4070780577&amp;u=http%3A%2F%2Fwww.terrascend.com%2F&amp;a=www.terrascend.com\" rel=\"nofollow noopener noreferrer\">www.terrascend.com<\/a>. <\/p>\n<p>\n        <b>Forward Looking Information<\/b>\n      <\/p>\n<p>This news release contains &#8220;forward-looking information&#8221; within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, &#8220;may&#8221;, &#8220;would&#8221;, &#8220;could&#8221;, &#8220;will&#8221;, &#8220;likely&#8221;, &#8220;expect&#8221;, &#8220;anticipate&#8221;, &#8220;believe, &#8220;intend&#8221;, &#8220;plan and other similar expressions, and include statements with respect to future revenue and profits. Forward-looking information is not a guarantee of future outcomes or performance and is based upon a number of estimates and assumptions of management in light of management&#8217;s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of the anticipated terms and use of proceeds of the Term Loan, the Company&#8217;s ability to access capital markets in the future and the terms on which capital may be accessed, the amount and timing of future earnout payments in respect of the Ilera acquisition,, current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits in various states in which the Company and its subsidiaries operate.<\/p>\n<p>Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in <span class=\"xn-location\">the United States<\/span> relating to cannabis operations in <span class=\"xn-location\">the United States<\/span> and the current regulatory regime in <span class=\"xn-location\">Pennsylvania<\/span>; and the risk factors set out in the Company&#8217;s annual information form dated <span class=\"xn-chron\">May 31, 2019<\/span> as supplemented by management&#8217;s discussion and analysis dated <span class=\"xn-chron\">April 23, 2020<\/span> for the year ended <span class=\"xn-chron\">December 31, 2019<\/span> and other filings with the Canadian securities regulators available under the Company&#8217;s profile on SEDAR at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3017954-1&amp;h=1016618081&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>.<\/p>\n<p>The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.<\/p>\n<p>\n        <b>Caution Regarding Cannabis Operations in <span class=\"xn-location\">the United States<\/span><\/b>\n      <\/p>\n<p>Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in <span class=\"xn-location\">the United States<\/span>. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in <span class=\"xn-location\">the United States<\/span> to, among other things, cultivate, distribute or possess cannabis in <span class=\"xn-location\">the United States<\/span>. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in <span class=\"xn-location\">the United States<\/span> may form the basis for prosecution under applicable US federal money laundering legislation.<\/p>\n<p>While the approach to enforcement of such laws by the federal government in <span class=\"xn-location\">the United States<\/span> has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in <span class=\"xn-location\">the United States<\/span> is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend&#8217;s operations and financial performance.<\/p>\n<p>SOURCE  TerrAscend<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C0542&amp;Transmission_Id=202012180928CANADANWWEB______C0542&amp;DateId=20201218\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada NewsWire 4 year term loan bears interest of 12.875%, has no equity component and is callable any time No additional external funding required to satisfy final Ilera Healthcare earn-out payments NEW YORK and TORONTO, Dec. 18, 2020 \/CNW\/ &#8211; TerrAscend Corp. (&#8220;TerrAscend&#8221; or the &#8220;Company&#8221;) (CSE:TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced it has closed a US$120 million Senior Secured Term Loan (the &#8220;Term Loan&#8221;) with a syndicate of lenders. The loan is solely secured by the Company&#8217;s Pennsylvania-based Ilera Healthcare Division (&#8220;Ilera&#8221;).\u00a0The Term Loan will bear interest of 12.875% per annum, with a 4 year maturity and is callable any time. There are no warrants being issued as part of the offering.\u00a0 Subject to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/terrascend-announces-closing-of-us-120-million-debt-financing\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;TerrAscend Announces Closing of US $120 Million Debt Financing&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-402851","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TerrAscend Announces Closing of US $120 Million Debt Financing - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/terrascend-announces-closing-of-us-120-million-debt-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TerrAscend Announces Closing of US $120 Million Debt Financing - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Canada NewsWire 4 year term loan bears interest of 12.875%, has no equity component and is callable any time No additional external funding required to satisfy final Ilera Healthcare earn-out payments NEW YORK and TORONTO, Dec. 18, 2020 \/CNW\/ &#8211; TerrAscend Corp. (&#8220;TerrAscend&#8221; or the &#8220;Company&#8221;) (CSE:TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced it has closed a US$120 million Senior Secured Term Loan (the &#8220;Term Loan&#8221;) with a syndicate of lenders. The loan is solely secured by the Company&#8217;s Pennsylvania-based Ilera Healthcare Division (&#8220;Ilera&#8221;).\u00a0The Term Loan will bear interest of 12.875% per annum, with a 4 year maturity and is callable any time. There are no warrants being issued as part of the offering.\u00a0 Subject to &hellip; Continue reading &quot;TerrAscend Announces Closing of US $120 Million Debt Financing&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/terrascend-announces-closing-of-us-120-million-debt-financing\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-18T14:31:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C0542&amp;Transmission_Id=202012180928CANADANWWEB______C0542&amp;DateId=20201218\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/terrascend-announces-closing-of-us-120-million-debt-financing\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/terrascend-announces-closing-of-us-120-million-debt-financing\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"TerrAscend Announces Closing of US $120 Million Debt Financing\",\"datePublished\":\"2020-12-18T14:31:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/terrascend-announces-closing-of-us-120-million-debt-financing\\\/\"},\"wordCount\":1095,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/terrascend-announces-closing-of-us-120-million-debt-financing\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/rt.prnewswire.com\\\/rt.gif?NewsItemId=C0542&amp;Transmission_Id=202012180928CANADANWWEB______C0542&amp;DateId=20201218\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/terrascend-announces-closing-of-us-120-million-debt-financing\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/terrascend-announces-closing-of-us-120-million-debt-financing\\\/\",\"name\":\"TerrAscend Announces Closing of US $120 Million Debt Financing - 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(&#8220;TerrAscend&#8221; or the &#8220;Company&#8221;) (CSE:TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced it has closed a US$120 million Senior Secured Term Loan (the &#8220;Term Loan&#8221;) with a syndicate of lenders. The loan is solely secured by the Company&#8217;s Pennsylvania-based Ilera Healthcare Division (&#8220;Ilera&#8221;).\u00a0The Term Loan will bear interest of 12.875% per annum, with a 4 year maturity and is callable any time. There are no warrants being issued as part of the offering.\u00a0 Subject to &hellip; Continue reading \"TerrAscend Announces Closing of US $120 Million Debt Financing\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/terrascend-announces-closing-of-us-120-million-debt-financing\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-18T14:31:42+00:00","og_image":[{"url":"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C0542&amp;Transmission_Id=202012180928CANADANWWEB______C0542&amp;DateId=20201218","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/terrascend-announces-closing-of-us-120-million-debt-financing\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/terrascend-announces-closing-of-us-120-million-debt-financing\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"TerrAscend Announces Closing of US $120 Million Debt Financing","datePublished":"2020-12-18T14:31:42+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/terrascend-announces-closing-of-us-120-million-debt-financing\/"},"wordCount":1095,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/terrascend-announces-closing-of-us-120-million-debt-financing\/#primaryimage"},"thumbnailUrl":"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C0542&amp;Transmission_Id=202012180928CANADANWWEB______C0542&amp;DateId=20201218","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/terrascend-announces-closing-of-us-120-million-debt-financing\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/terrascend-announces-closing-of-us-120-million-debt-financing\/","name":"TerrAscend Announces Closing of US $120 Million Debt Financing - 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