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Ayr Wellness Adds US$150 Million to Balance Sheet with Sale of Additional Senior Secured Notes
MIAMI, Nov. 12, 2021 (GLOBE NEWSWIRE) — 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.
About Ayr Wellness
Ayr is an expanding vertically integrated, U.S. multi-state cannabis operator, focused on delivering the highest quality cannabis products and customer experience throughout its footprint. Based on the belief that everything starts with the quality of the plant, the Company is focused on superior cultivation to grow superior branded cannabis products. Ayr strives to enrich consumers’ experience every day through the wellness and wonder of cannabis.
Ayr’s leadership team brings proven expertise in growing successful businesses through disciplined operational and financial management, and is committed to driving positive impact for customers, employees and the communities they touch. For more information, please visit www.ayrwellness.com.
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