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Financings

Verano Announces $195 Million Senior Secured Term Loan Refinancing Agreement to Fund Company's Strategic Growth Initiatives

By The Northwire Desk — AI Analysis Mar 12, 2026 · 06:45 VRNO · 1.48 VERANO HOLDINGS CORP.
VRNO · Price

Executive Summary

  • Verano Holdings closed a $195 million senior secured term loan with Needham Bank (administered by Chicago Atlantic Financial Services).
  • Simultaneously drew the remaining $50 million available under its existing revolving credit facility, bringing total borrowed capital to $245 million.
  • The new facility provides a 9.5% annual interest rate (SOFR + 5.50% with floor), flexible prepayment terms and a March 11, 2029 maturity (extendable one year).

Key Details

  • Term Loan Principal: $195,000,000
  • Maturity Date: March 11, 2029, with optional one‑year extension subject to customary conditions and an extension fee.
  • Interest Rate: Floating rate equal to Term SOFR + 5.50% (minimum 4% SOFR floor), effectively 9.50% per annum.
  • Amortization Schedule: Monthly principal repayments of $875,000 beginning April 2026.
  • Prepayment Premium: 1.50% during the first two years; 0% thereafter (or 1.5% if extension is exercised).

  • Use of Proceeds: To refinance and retire all outstanding indebtedness under Verano’s prior October 2022 credit agreement, strengthening the balance sheet for strategic growth initiatives.

  • Revolving Credit Facility Drawdown: Completed draw of remaining $50,000,000 of a $100,000,000 facility originally entered September 2025 and upsized January 2026.

  • Placement Agent: A.G.P. Canada Investments ULC (exclusive).
  • Legal Counsel: Blank Rome (Needham Bank & Chicago Atlantic); Winston & Strawn LLP (Verano).

Notable Quotes

“Securing our new $195 million term loan backed by a highly respected regional institution in Needham Bank is a watershed moment for Verano, serving as powerful validation of our operational and financial discipline.” – George Archos, CEO & President, Verano Holdings.

“Needham Bank is pleased to offer a comprehensive suite of financial services… we look forward to building a rewarding relationship with Verano for many years to come.” – Joseph Campanelli, Chairman, President & CEO, Needham Bank.

Read the original news release →

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