Auxly Cannabis Group joint venture partner, Sunens Farms has closed the previously announced $84 million syndicated credit facilities, with the Bank of Montreal as Lead Underwriter. The syndicated senior debt facility will be for $71.5 million (the “Credit Facility”) for a three-year term together with a BMO $12.5 million leasing facility (the “Leasing Facility”).
"Sunens is a fully automated, purpose-built greenhouse for cannabis cultivation currently under construction in Leamington, Ontario," the team with the company explains. "The proceeds of the Credit Facility will be used to fund phase one of the Sunens facility, which is expected to be substantially completed by December 2019. The Leasing Facility will finance processing equipment."
"The Credit Facility and the Leasing Facility are secured by the Sunens facility, partially guaranteed by the Company and contain customary financial and restrictive covenants," they conclude.
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