Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a vertically-integrated cannabis multi-state operator (MSO), today announced the addition of approximately US$150 million to its balance sheet following the sale of additional 12.5% Senior Secured Notes (the “Notes”).
The Company completed a private placement offering of approximately US$133 million aggregate principal amount of Notes at a premium price of US$1,070 per US$1,000. The Notes will be considered “Additional Notes” under the indenture governing the Company’s existing 4-year 12.5% Notes due on December 10, 2024 and as a single series with the existing notes under such indenture. The resulting yield-to-maturity is 9.8%.
As previously announced, Ayr intends to use the net proceeds from the issuance of the Notes to fund capital expenditures, including construction and improvement costs, as well as acquisitions and for general corporate purposes.