Trulieve closes $140-million (U.S.) note financing

Executive Summary

• Trulieve Cannabis Corp. has closed a private placement of 10.5% Senior Secured Notes due 2030, raising aggregate gross proceeds of $140.0 million (U.S.).
• The offering size was increased to meet market demand, with notes issued at 100% of face value.
• Net proceeds are intended for capital expenditures and general corporate purposes, with plans to list the notes on the Canadian Securities Exchange after the statutory hold period expires.

Key Details

• Instrument: 10.5% Senior Secured Notes due December 17, 2030.
• Gross Proceeds: $140.0 million (U.S.).
• Issue Price: 100% of face value.
• Interest Rate: 10.5% per annum, payable semi-annually in equal installments.
• Maturity Date: December 17, 2030.
• Redemption Terms: May be redeemed in whole or in part, at any time on or after December 17, 2027, at the applicable redemption price set forth in the second supplemental indenture.
• Agent/Bookrunner: Canaccord Genuity Corp. (sole agent and sole bookrunner) under an amended and restated agency agreement.
• Offering Basis: Best efforts.
• Use of Proceeds: Capital expenditures and other general corporate purposes.
• Listing: Company intends to list the notes on the Canadian Securities Exchange following the expiry of the four-month Canadian statutory hold period.

Notable Quotes

• None provided in the text.