TerrAscend Corp (TSNDF)

[olivernoyes]

TerrAscend Announces $37 Million Paydown of Senior Secured Term Loan in Pennsylvania
JUNE 30, 2023 7:59AM EDT
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TORONTO, June 30, 2023 (GLOBE NEWSWIRE) -- TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced that its subsidiary, WDB Holding PA, Inc., has completed the paydown of $37 million of its senior secured term loan in Pennsylvania (the “Loan”), which bears a fixed interest rate of 12.875%. The paydown reduces the Loan outstanding in Pennsylvania to $78 million and reduces annual interest expense by $4.8 million.

“All of the critical steps we have taken recently, including the sale of our facility in Canada, the closing of a lower interest bank loan with Stearns Bank, and the completed private placements, align with our strategy to reduce debt, lower interest expense and continue to drive positive cashflow from operations,” said Jason Wild, Executive Chairman of TerrAscend. “We made a concerted effort as a team twelve months ago to transform our balance sheet. Since then, we have reduced our debt and interest expense by over 40%. We expect the increased liquidity from our upcoming TSX Listing should help to further decrease our cost of capital going forward.”