Jushi Cuts $53M Debt With New $48M Loan, Now Holds Less Than $1M In Short-Term Debt
Vertically integrated cannabis company Jushi Holdings Inc. (CSE:USH) (OTCQX:JUSHF) refinanced its existing $53 million loan due December 31, 2024, by issuing a new $48.5 million senior secured term loan and using around $7.4 million in cash. The new loan carries an interest rate of 12.25% per year, payable quarterly.
“The refinancing strengthens Jushi’s balance sheet by continuing the company’s commitment towards deleveraging and secures an attractive cost of capital amidst the current credit environment,” stated James Cacioppo, Jushi CEO, chairman and founder. “We were able to attract new institutional lenders to our term loan which is a testament to our operational strength and suite of assets in key high-growth states which we believe will soon realize their full potential.”
The term loan amortizes quarterly at the rate of 2.5%, starting one year after issuance and matures within 30 months, or 91 days prior to the maturity of the company’s existing second lien notes due Dec. 2026. …