Marijuana lender Chicago Atlantic extends credit facility maturity to 2026 ⋆ Patriots Hemp

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Marijuana lender Chicago Atlantic extends credit facility maturity to 2026

By Main Hemp Patriot on March 3, 2024 No Comments / 20 views

The financing subsidiary of ancillary marijuana firm Chicago Atlantic Real Estate Finance is extending the maturity of its $100 million secured revolving credit facility and increasing its accordion feature to $150 million.

Chicago Atlantic Lincoln extended the maturity date from Dec. 16, 2024, to June 30, 2026, and retained the one-year extension option, according to a Thursday news release.

The interest rate on the revolving loan is the prime rate plus an applicable margin, based on Chicago Atlantic Lincoln’s leverage ratio.

The applicable margin ranges from 0% to 1.25% over the prime rate, subject to a 3.25% prime rate floor.

Chicago Atlantic extended the maturity of the loan last March to December 2024.

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