Goodness Growth amends added delayed-draw loan of up to $55 million

By Rebecca Melvin

Concord, N.H., Feb. 1 – Goodness Growth Holdings Inc. entered into a third amendment of its credit facility with Chicago Atlantic Admin, LLC, its senior secured lender, according to a press release on Friday.

The amended credit facility enables the company to access an additional delayed-draw term loan of up to $55 million.

A portion of proceeds will be used for working capital and general corporate purposes, with the remainder to be used for purposes related to its expansion in New York State.

Draws on the loan have a maturity date of April 30, 2023 with an option to extend another 12 months for an additional fee of $1,375,000. The loan accrues interest equal to the U.S. prime rate plus 1,037.5 basis points, with a minimum required rate of 13.375% per annum, in addition to paid-in-kind interest of 2.75% per year.

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