Canadian Cannabis Retailer High Tide Secures $10.1M In Debt Financing
High Tide Inc.(NASDAQ:HITI) (TSXV:HITI) (FSE: 2LYA), announced Thursday that it has entered into binding subscription agreements with arm’s length institutional credit providers for total gross proceeds of CA$15 million ($10.9 million)in a subordinated debt financing.
“I am very excited to announce that we have signed definitive agreements for an aggregate of CA$15 million in debt financing, plus a CA$10 million accordion feature,” stated Raj Grover, founder and CEO of High Tide. “We have discussed publicly how we believe we are underleveraged, with our gross debt representing less than one times our 12-month trailing Adjusted EBITDA, and could stand to benefit from obtaining more debt to continue fueling our rapid store expansion across Canada.”
Financing Highlights
The Alberta-based cannabis company will complete an offering of CA$1,000 principal subordinate secured debentures of the company for total aggregate gross proceeds of CA$15 million at a price of CA$900 per debenture, representing a 10% original issue discount. The debentures will mature on the date that is 60 months …