Vertically integrated multi-state operator (MSO) of cannabis, Ayr Wellness, announced late last week a proposed private offering of up to $150 million of its 12.5% Senior Secured Notes. Pursuant to the indenture governing the company’s existing 4-year 12.5% Senior Secured Notes, the Notes will be treated as “Additional Senior Secured Notes.” The indenture matures on December 10, 2024.
The terms have not yet been detailed, but it is expected that these notes will be issued at a premium, which will be subject to market conditions and other factors. Through the net proceeds from the issuance of the notes, Ayr intends to finance capital expenditures, including acquisitions, general corporate purposes, as well as construction and improvement costs. The company that is dedicated to providing high-quality cannabis products and customer experience across its entire footprint continues to make the necessary moves to be one of the most outstanding companies in the industry.
A clear example of this recently occurred when Ayr’s name appeared on Inc. magazine’s list of top 250 best-led companies. Ayr was ranked 244, and it is not at all surprising since the company’s leadership team has long been responsible for bringing proven expertise in growing successful businesses through disciplined financial and operational management. The group is committed to consistently making a positive impact for employees, customers, and any community that interacts with the company.
These efforts have earned the company a listing in the prestigious magazine. The firm assessed four areas, including performance and value creation, market penetration and customer engagement, talent and leadership team. It appears that the results were quite favorable for Ayr, making it at least within the top 250 best-performing companies, surpassing companies in traditional industries. It is no secret that the cannabis industry has had to face several hurdles, which is why seeing one of its companies being named on these lists is quite a remarkable success.