Green Thumb Industries has announced the Company increased its existing syndicated credit facility led by Valley National Bank by $50 million, bringing the total facility to $189 million. The Company intends to use the cash proceeds for general corporate purposes, potential strategic investments, and other working capital requirements.
"Adding $50 million to our balance sheet at a low rate should be good for our shareholders long term," said Founder, Chairman and Chief Executive Officer Ben Kovler. "We are fortunate to have Valley National Bank as a financing partner who has confidence in our business model and capital stewardship."
The credit facility has a maturity date of September 11, 2029 and will continue to bear interest from the date of issue at Secured Overnight Financing Rate (SOFR) + 500 basis points. This transaction did not involve the issuance of any Green Thumb equity to any of the participating banks in the syndication.
For more information:
Green Thumb Industries
www.gtigrows.com
