Goodness Growth Holdings, Inc. (CSE:GDNS) (OTCQX:GDNSF), announced that it has executed a third amendment to its credit facility with its senior secured lender, Chicago Atlantic Admin, LLC , an affiliate of Green Ivy Capital, and a group of lenders.
The amended credit facility enables the company to access an additional delayed draw term loan of up to $55 million which, a portion of which shall be utilized for working capital and general corporate purposes, and the remainder to be used for other specific purposes, including related to its expansion in the State of New York.
Draws on the loan have a maturity date of April 30, 2023 with an option to extend another 12 months for an additional fee of $1.37 million.
The cash interest rate on the Delayed Draw Loans is equal to the U.S. prime rate, plus 10.375%, with a minimum required rate of 13.375% per annum, in addition to paid-in-kind interest of 2.75% per annum.
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