Farella Advises TILT Holdings Inc. on $86.7 Million Debt Refinancing
Northern California legal powerhouse Farella Braun + Martel advised TILT Holdings Inc., a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development, and retail, on a series of transactions to refinance its $86.7 million legacy debt, effectively reducing TILT’s outstanding debt by 47% over a 12-month period.
Impact of the refinancing according to TILT:
“Anytime a company can reduce its long-term debt by almost 50% over a 12-month period, is remarkable," said Gary Santo, TILT's Chief Executive Officer. “Our ability to withstand unprecedented sector headwinds and overcome the lack of access to traditional banking products and inefficient capital markets is a true testament to the strength and perseverance of our team. Resolving our near-term debt maturities puts TILT on firm footing to be able to focus on revenue growth, improving margins, exploring M&A, and executing against our strategic plan.”
Dana Arvidson, TILT’s Chief Financial Officer, added, “The reduction of TILT’s long-term debt, together with the completion of the sale-leaseback of our Pennsylvania cultivation and manufacturing facility, aligns with our goal of remaining asset-light while maintaining a prudent capital structure.”
Read TILT Holdings Inc.’s press release here.
Farella Braun + Martel is a leading Northern California law firm representing corporate and private clients in sophisticated business transactions and complex commercial, civil, and criminal litigation. Clients seek our imaginative legal solutions and the dynamism and intellectual creativity of our lawyers. We are headquartered in San Francisco and maintain an office in the Napa Valley that is focused on the wine industry.
Farella Braun + Martel LLP
415.954.4433 / [email protected]