Cannabis company Ascend Wellness closes $210 million debt deal

Multi-state cannabis dispensary operator Ascend Wellness Holdings Inc. said Monday it closed on a $210 million senior secured term loan with Seaport Global Securities LLC as lead manager. The New York-based company said the four-year term loan with an interest rate of 9.5% will lower its cost of capital, refinance existing debt and help pay for its pending investment in MedMen NY Inc. Ascent Wellness CEO Abner Kurtin said the firm drew "tremendous interest and had healthy participation" from institutional investors, family offices and hedge funds. The term loan is secured by a first lien on all company assets. ATB Capital Markets also worked on placing the loan. Shares of Ascend closed Monday little changed at $10.50, and were inactive of ahead of Tuesday's open. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Cannabis company Ascend Wellness closes $210 million debt deal
Multi-state cannabis dispensary operator Ascend Wellness Holdings Inc. said Monday it closed on a $210 million senior secured term loan with Seaport Global Securities LLC as lead manager. The New York-based company said the four-year term loan with an interest rate of 9.5% will lower its cost of capital, refinance existing debt and help pay for its pending investment in MedMen NY Inc. Ascent Wellness CEO Abner Kurtin said the firm drew "tremendous interest and had healthy participation" from institutional investors, family offices and hedge funds. The term loan is secured by a first lien on all company assets. ATB Capital Markets also worked on placing the loan. Shares of Ascend closed Monday little changed at $10.50, and were inactive of ahead of Tuesday's open. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.