Ascend Wellness Holdings, Inc. announced that it has entered into a definitive agreements of 12.75% senior secured notes due 2029 on July 15, 2024. The notes are expected to be issued at a price of 94.75% of face value. The notes will be senior secured obligations of the company and will bear interest at a rate of 12.75% per annum, payable semi-annually in arrears until their maturity date.

The notes will mature on July 16, 2029. At any time and from time to time after the closing of the transaction, the company may redeem all or a part of the notes at certain specified redemption prices, including for the first two years at par. The notes will be irrevocably and unconditionally guaranteed, jointly and severally, on a senior secured basis, by certain of the company's subsidiaries.

The notes and the guarantees will be secured, on a first lien basis, by substantially all assets of the company and certain of its subsidiaries, subject to certain carveouts. The notes to be issued will be subject to a customary four-month hold period under Canadian securities laws. The transaction is expected to close on or about July 16, 2024.