marijuana-mso-ayr-wellness-completes-debt-extension,-raises-$40-million

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Marijuana multistate operator Ayr Wellness completed its previously announced plan to manage its significant debt by extending the maturity date of its senior notes from 2024 to 2026.

According to a news release, Ayr has retired or extended the maturity of nearly $400 million in debt over the past year.

The Miami-based MSO also raised $40 million of new capital by issuing $50 million in additional senior notes, which mature in 2026.

As a result of the arrangement – it was announced in November – as of Feb. 5, Ayr issued:

  • Roughly 29 million subordinate voting shares to 2024 senior noteholders.
  • Approximately 5 million subordinate voting shares to the backstop provider.
  • Around 23 million anti-dilutive warrants to its shareholders.

“These actions are designed to provide AYR with the flexibility to execute on its long term growth strategy and take advantage of positive macro catalysts that are expected in the industry,” said CEO David Goubert in a statement.

Ayr will report its fourth-quarter and full-year earnings for 2023 on March 13.

The company’s shares trade as AYR.A on the Canadian Securities Exchange and as AYRWF on the U.S. over-the-counter markets.