[PRESS RELEASE] – CHICAGO, Aug. 13, 2025 – Cresco Laboratories Inc. closed the previously announced refinancing for the senior secured facility.
The term loan of US$325,000,000 has an annual interest rate 12.5% and is due on August 13, 2030. The new US$325 million senior secured term loan matures on Aug. 13, 2030. It has a rate of 12.5% per annum and replaces the previous US$360 millions facility. This reduces total debt while extending maturity until 2030.
Charlie Bachtell, CEO of Cresco Labs, said: “This transaction represents another step in our systematic approach to capital allocation.” Our balance sheet has been strengthened and we have eliminated the risk associated with near-term financing. We can now focus on our growth strategy with this solid foundation.
The proceeds from the new facility and cash available were used in combination to pay off the term loan. The facility has no convertible or equity features, and it contains the standard financial and operational covenants.
A.G.P. Canada Investments ULC, and Cormark Securities Inc. were the lead financial advisors and arrangers for this transaction. Paul Hastings LLP advised the lead lenders.