Cannabis multistate operator Ascend Wellness Holdings said it’s received commitments to raise $235 million in a private placement.

The senior secured notes, expected to price at 94.75% of face value, carry a 12.75% interest rate and are due in 2029, the New York-based MSO said in a Monday news release.

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Proceeds from the private placement, along with cash, will be used to prepay $215 million of principal under an existing term loan “to enhance …. financial flexibility and strengthen its balance sheet.”

The $60 million of remaining principal under the loan can be carried through the due date at a 9.5% interest rate.

The offering, which is being handled by New York-headquartered Seaport Global Securities, is expected to close by Tuesday.

The refinancing marks

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