Feuerstein Kulick LLP

FK Advises Ad Hoc Committee of Supporting Noteholders in a deal with The Cannabist Company to Extend and Exchange Senior Notes FK advised an ad hoc committee representing over 60% of the existing noteholders of The Cannabist Company, formerly known as Columbia Care (the "Company"), in entering into a #Restructuring Support Agreement?to amend and extend the Company's existing senior notes, which total approximately $270mm, with staggered maturities from 2025 through 2027 (the "Transaction"). Under the terms of the Transaction, the holders of the 2025 Notes and the 2026 Notes will exchange their Senior Notes for an equal principal amount of 9.25% senior secured notes due December 31, 2028 (subject to two six-month extension options available to the Company upon payment of a 0.50% fee, payable in cash) (the "New Senior Notes") and the holders of the 2027 Notes will be given the right to elect to receive either (i) an equal principal amount of New Senior Notes, or (ii) an equal principal amount of newly issued 9.0% convertible notes, which will have the same conversion price as the existing 2027 Notes but will have the same extended maturity date as the New Senior Notes (the "New Convertible Notes", and together with the New Senior Notes, the "New Notes"). The New Notes will also contain new covenants including a net consolidated leverage ratio requirement, minimum liquidity requirement, consent fees for asset sales and incurrence covenants. The #Transaction will be subject to approval by the Ontario Superior Court of Justice pursuant to a plan of arrangement under theCanada Business #Corporations Act. Read more here: https://lnkd.in/gjBpm9vi

We are excited to share that partner Samantha Gleit has been chosen for Law360’s #Cannabis Editorial Board for 2024! We are proud to support Samantha as a leader in cannabis debt-financing. Congratulations! ?? https://lnkd.in/g8y2wfYr