TILT Holdings Inc. (OTCQX:TLLTF) (NEO:TILT) announced the extension of its existing revolving credit facility, together with the appointment of a new board member pursuant to its recently completed debt refinancing.
Gary Santo, TILT’s CEO, who is a speaker at April’s Cannabis Capital Conference in Miami stated: “We are pleased to welcome George Odden to the board and look forward to leveraging his financial acumen and M&A expertise, which is especially important as we explore strategic growth opportunities this year.”
Jupiter Research, LLC, a subsidiary of TILT, entered into an amendment to its existing $10 million asset-based revolving credit facility to increase the amount available under the facility from $10 million to $12.5 million, and extends the maturity date to July 21, 2024. Additionally, borrowings under the facility will bear interest at the prime rate plus 3%, and the facility is secured by Jupiter’s inventory, accounts receivable and related property. The amendment also includes a guaranty by TILT in the amount of $6 million.
George Odden has been appointed to the company’s board of directors as a noteholder designee in accordance with the recently completed debt refinancing of the company’s junior notes. Odden served in the U.S. Navy and began a career on Wall Street focused on investment banking and M&A in the aerospace industry. Today, he is a partner with Ardent Advisory Group, a company he co-founded in 2021, focused on providing a broad range of M&A advisory services.
Santo continued, “The amended facility provides TILT with greater liquidity and improved borrowing terms at a time when the broader capital markets remain volatile. Our lender has been a great partner to Jupiter and TILT, and we appreciate the confidence they’ve shown with this extension and amended terms.”
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