CURALEAF closes $500 million bond offering, redeems existing debt

Curaleaf Holdings Inc. (TSX: CURA) (OTCQX: CURLF) completed a $500 million private placement of 11.5% senior secured notes due February 2029, the company announced. The cannabis company also redeemed its previously outstanding $475 million senior secured notes due December 2026.

The notes were issued at 100% of face value and are senior secured obligations of the company. Interest is payable semi-annually until maturity unless the notes are redeemed or purchased earlier. The offering was conducted through private placement in Canada and the United States to qualified institutional buyers and accredited investors.

Curaleaf intends to use the net proceeds to provide capital for global growth initiatives and to pay transaction fees and expenses. The trust indenture governing the notes permits additional note issuances subject to leverage covenants and other conditions, as well as up to $100 million of senior bank financing.

"The successful closing of this landmark private placement delivers a powerful endorsement of Curaleaf's strategy and long-term vision," said Boris Jordan, Chairman and CEO of Curaleaf. "With an extended runway into 2029 and enhanced capital flexibility, we are well positioned to accelerate our global expansion and capture key strategic opportunities across the international cannabis market."

Seaport Global Securities LLC served as lead placement agent for the offering, while ATB Cormark Capital Markets acted as co-placement agent. The notes are subject to a four-month hold period under Canadian securities laws and were not registered under U.S. Securities Act.

The company operates as an international provider of consumer cannabis products with brands including Curaleaf, Select, Grassroots, Find, and Anthem across medical and adult-use markets.

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