AYR has completed its previously announced plan of arrangement transactions, including extending the maturity of all of its Senior Notes due 2024 and certain other debt by two years.
As a result, AYR has retired or extended the maturity of nearly US$400 million in debt in the past year and now has limited debt maturities until 2026.
In connection with the plan of arrangement, AYR has issued approximately 29 million SVS Shares to 2024 Senior Noteholders, approximately 5 million SVS Shares to the Backstop Provider, and approximately 23 million Anti-Dilutive Warrants to its shareholders of record as of February 5, 2024.
AYR raised US$40 million of new capital through the issuance of US$50 million of additional Senior Notes maturing in 2026.
Lastly, AYR expects to report Q4/23 and full year 2023 earnings results on Wednesday, March 13, 2024 at 8:30 a.m. (Eastern Time).
MIAMI, Feb. 07, 2024 (GLOBE NEWSWIRE) — AYR Wellness Inc. (CSE:AYR, OTCQX:AYRWF) (“AYR” or the “Company“), a leading vertically integrated U.S. multi-state cannabis operator, is pleased to announce that it has successfully completed its previously announced court-approved plan of arrangement under Section 192 of the Canada Business Corporations Act (the “Arrangement“) involving the Company and AYR Wellness Canada Holdings Inc. (“AYR Wellness Canada“), implementing those transactions described in the Company’s management information circular dated November 15, 2023 (the “Circular“).
The Arrangement and related transactions resulted in, among other things: (a) the exchange of all of the outstanding 12.50% senior secured notes due December 10, 2024 issued by the Company (the “Senior Notes“) for new 13.0% senior secured notes due December 10, 2026 of Ayr Wellness Canada, a wholly owned subsidiary of the Company (the “New AYR Exchanged Notes“), which New AYR Exchanged Notes are guaranteed by the Company and its subsidiaries and secured by substantially all of their assets (in each case, subject to certain exceptions), (b) the issuance of 29,040,140 subordinate, restricted or limited voting shares (the “SVS Shares“), representing approximately 24.9% of the pro forma fully-diluted issued capital (net of the Anti-Dilutive Warrants (as …