The Cannabist Company Achieves Approximately 70% Support for Previously Announced Agreement to Extend the Maturity Date of its Senior Secured Notes
The Cannabist Company (OTCQX: CBSTF) has secured approximately 70% support from Senior Notes holders for its previously announced debt restructuring plan. The Transaction involves exchanging existing notes for new ones with an extended maturity date and additional covenants.
The restructuring requires approval from the Ontario Superior Court of Justice through a plan of arrangement under the CBCA, along with support from a requisite majority of Senior Note holders and necessary regulatory approvals. The company plans to hold a meeting of Senior Notes holders on April 29, 2025, with a March 7, 2025 record date.
The Board unanimously approved the Transaction after receiving an independent fairness opinion from Koger Valuations Inc., confirming its fairness to both shareholders and Senior Note holders. Early Supporting Noteholders can participate in the Early Consent Consideration and Asset Sale Early Consent Fee by executing a joinder agreement by March 10, 2025.
The Cannabist Company (OTCQX: CBSTF) ha ottenuto circa il 70% di supporto dai possessori di Senior Notes per il suo piano di ristrutturazione del debito precedentemente annunciato. La Transazione prevede lo scambio di note esistenti con nuove note con una scadenza prolungata e ulteriori clausole.
La ristrutturazione richiede l'approvazione della Corte Superiore dell'Ontario attraverso un piano di accordo ai sensi del CBCA, insieme al supporto di una maggioranza richiesta dei possessori di Senior Note e le necessarie approvazioni normative. L'azienda prevede di tenere un incontro dei possessori di Senior Notes il 29 aprile 2025, con una data di registrazione del 7 marzo 2025.
Il Consiglio ha approvato all'unanimità la Transazione dopo aver ricevuto un'opinione di equità indipendente da Koger Valuations Inc., che conferma la sua equità sia per gli azionisti che per i possessori di Senior Note. I possessori di note che supportano anticipatamente possono partecipare alla Considerazione di Consenso Anticipato e alla Tassa di Consenso Anticipato sulla Vendita di Attività, firmando un accordo di adesione entro il 10 marzo 2025.
The Cannabist Company (OTCQX: CBSTF) ha asegurado aproximadamente el 70% de apoyo de los tenedores de Senior Notes para su plan de reestructuración de deuda previamente anunciado. La Transacción implica el intercambio de notas existentes por nuevas con una fecha de vencimiento extendida y cláusulas adicionales.
La reestructuración requiere la aprobación de la Corte Superior de Justicia de Ontario a través de un plan de arreglo bajo el CBCA, junto con el apoyo de una mayoría requerida de tenedores de Senior Notes y las aprobaciones regulatorias necesarias. La empresa planea llevar a cabo una reunión de tenedores de Senior Notes el 29 de abril de 2025, con una fecha de registro del 7 de marzo de 2025.
La Junta aprobó unánimemente la Transacción tras recibir un dictamen de equidad independiente de Koger Valuations Inc., confirmando su equidad tanto para los accionistas como para los tenedores de Senior Notes. Los tenedores de notas que apoyen anticipadamente pueden participar en la Consideración de Consentimiento Anticipado y la Tarifa de Consentimiento Anticipado de Venta de Activos firmando un acuerdo de adhesión antes del 10 de marzo de 2025.
The Cannabist Company (OTCQX: CBSTF)는 이전에 발표된 채무 재조정 계획에 대해 선순위 노트 보유자들로부터 약 70%의 지지를 확보했습니다. 이 거래는 기존 노트를 만기 연장 및 추가 조항이 포함된 새로운 노트로 교환하는 것을 포함합니다.
재조정은 CBCA에 따라 계획을 통해 온타리오 고등법원의 승인을 필요로 하며, 선순위 노트 보유자의 필수 다수의 지지와 필요한 규제 승인이 필요합니다. 회사는 2025년 4월 29일에 선순위 노트 보유자 회의를 개최할 계획이며, 등록일은 2025년 3월 7일입니다.
이사회는 Koger Valuations Inc.로부터 독립적인 공정성 의견을 받은 후 거래를 만장일치로 승인했으며, 이는 주주와 선순위 노트 보유자 모두에게 공정함을 확인했습니다. 조기 지원 노트 보유자는 2025년 3월 10일까지 조인 계약을 체결함으로써 조기 동의 고려 및 자산 매각 조기 동의 수수료에 참여할 수 있습니다.
The Cannabist Company (OTCQX: CBSTF) a obtenu environ 70% de soutien de la part des détenteurs de Senior Notes pour son plan de restructuration de la dette précédemment annoncé. La transaction implique l'échange de notes existantes contre de nouvelles avec une date d'échéance prolongée et des clauses supplémentaires.
La restructuration nécessite l'approbation de la Cour supérieure de justice de l'Ontario par l'intermédiaire d'un plan d'arrangement en vertu du CBCA, ainsi que le soutien d'une majorité requise de détenteurs de Senior Notes et les approbations réglementaires nécessaires. L'entreprise prévoit de tenir une réunion des détenteurs de Senior Notes le 29 avril 2025, avec une date d'enregistrement au 7 mars 2025.
Le Conseil a approuvé à l'unanimité la transaction après avoir reçu un avis d'équité indépendant de Koger Valuations Inc., confirmant son équité tant pour les actionnaires que pour les détenteurs de Senior Notes. Les détenteurs de notes qui soutiennent tôt peuvent participer à la Considération de Consentement Anticipé et aux Frais de Consentement Anticipé pour la Vente d'Actifs en signant un accord d'adhésion avant le 10 mars 2025.
The Cannabist Company (OTCQX: CBSTF) hat etwa 70% Unterstützung von den Inhabern von Senior Notes für ihren zuvor angekündigten Schuldenrestrukturierungsplan gesichert. Die Transaktion umfasst den Austausch bestehender Anleihen gegen neue mit einem verlängerten Fälligkeitsdatum und zusätzlichen Auflagen.
Die Restrukturierung erfordert die Genehmigung des Ontario Superior Court of Justice durch einen Plan zur Regelung gemäß dem CBCA sowie die Unterstützung einer erforderlichen Mehrheit der Inhaber von Senior Notes und die notwendigen behördlichen Genehmigungen. Das Unternehmen plant, am 29. April 2025 eine Versammlung der Inhaber von Senior Notes abzuhalten, mit einem Stichtag am 7. März 2025.
Der Vorstand hat die Transaktion einstimmig genehmigt, nachdem er ein unabhängiges Fairness-Gutachten von Koger Valuations Inc. erhalten hat, das die Fairness sowohl für die Aktionäre als auch für die Inhaber von Senior Notes bestätigt. Frühzeitige unterstützende Anleiheinhaber können an der Frühzeitigen Zustimmungserwägung und der Frühzeitigen Zustimmungskosten für den Verkauf von Vermögenswerten teilnehmen, indem sie bis zum 10. März 2025 einen Beitrittsvertrag unterzeichnen.
- 70% of Senior Note holders support debt restructuring
- Independent fairness opinion confirms transaction benefits
- Board unanimous approval demonstrates strong internal support
- Company requires debt restructuring indicating financial stress
- Multiple regulatory approvals still needed for completion
- Transaction suggests potential liquidity concerns
The Transaction will be subject to approval by the
The Company expects to hold its meeting of holders of Senior Notes on April 29, 2025, with a record date of March 7, 2025, subject to confirmation pursuant to an interim order from the Court. Closing of the Transaction is expected to occur in the first half of 2025.
The Board has unanimously determined, after receiving financial and legal advice and following the receipt of a unanimous recommendation of a special committee of independent directors, that the Transaction is in the best interests of the Company. The Board obtained an independent fairness opinion from Koger Valuations Inc. which provides that, as at the date of such opinion and based upon and subject to the assumptions, procedures, factors, limitations and qualifications set forth therein, the Transaction is fair, when viewed as a whole and from a financial point of view, to the shareholders of the Company and to holders of the Senior Notes.
Holders of Senior Notes who are also interested in executing a joinder to the Support Agreement in order to become an Early Supporting Noteholder and participate in the Early Consent Consideration and Asset Sale Early Consent Fee as previously disclosed should contact Moelis & Company LLC at the address below to execute a joinder to the Support Agreement prior to 5:00 p.m. (
Moelis & Company LLC
399 Park Avenue, 4th Floor
Grant Kassel
|
Cullen Murphy
|
No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in
Moelis & Company LLC is serving as exclusive financial advisor to the Company. Stikeman Elliott LLP and Dorsey & Whitney LLP are acting as the Company’s Canadian and
About The Cannabist Company (f/k/a Columbia Care)
The Cannabist Company, formerly known as Columbia Care, is one of the most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 14 U.S. jurisdictions. The Company operates 89 facilities including 70 dispensaries and 19 cultivation and manufacturing facilities, including those under development. Columbia Care, now The Cannabist Company, is one of the original multi-state providers of cannabis in the
Caution Concerning Forward Looking Statements
Certain information contained in this news release may be forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “target”, “expect”, “anticipate”, “believe”, “foresee”, “could”, “would”, “estimate”, “goal”, “outlook”, “intend”, “plan”, “seek”, “will”, “may”, “tracking”, “pacing” and “should” and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to, among other things, future payments to creditors, the holding of the meeting of the holders of Senior Notes, the implementation of the Transaction pursuant to a plan of arrangement under the CBCA, including the receipt of all necessary Senior Noteholder, exchange, court, and regulatory approvals (including any necessary state cannabis regulatory approvals), the execution of operational improvements and footprint rationalization initiative, completion of cost-saving initiatives, and capitalizing on growth opportunities in 2025 and beyond. Numerous risks and uncertainties could cause the actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to the Company may not receive the necessary approvals to complete the Transaction. Forward-looking estimates and assumptions involve known and unknown risks and uncertainties that may cause actual results to differ materially. The Company also cautions readers that the forward-looking financial information contained in this news release are only provided to assist readers in understanding management’s current expectations relating to future periods and, as such, are not appropriate for any other purpose. In addition, securityholders should review the risk factors discussed under “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2023, as filed with Canadian and
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Investor & Media Contact
Lee Ann Evans
SVP, Capital Markets & Communications
investor@cannabistcompany.com
Source: The Cannabist Company Holdings Inc.
FAQ
What percentage of Senior Note holders support The Cannabist Company's (CBSTF) debt restructuring plan?
When is the deadline for CBSTF noteholders to become Early Supporting Noteholders?
What approvals does The Cannabist Company need for its debt restructuring plan?
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