Glass House Brands Secures $50 Million Debt Facility
Glass House Brands Secures $50 Million Debt Facility

Glass House Brands Secures $50 Million Debt Facility

News summary

Glass House Brands Inc. has secured a new $50 million senior secured credit facility, maturing in 2030, to replace its previous loan due in 2026. The refinancing will improve the company's cash flow, extend debt maturity, and demonstrates strong relationships with lenders, positioning Glass House for continued growth in the cannabis sector. The new loan features a fixed interest rate of 8.58%, lower than that of the previous loan, and allows for interest-only payments for the first two years, preserving cash flow. Following the refinancing, Glass House expects a net cash inflow of $8.1 million after settling previous debts and fees. CEO Kyle Kazan emphasized the significance of this loan in strengthening the company's balance sheet and enabling further expansion. The company is required to maintain a minimum liquidity of $10 million throughout the loan term.

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