CHICAGO — Verano Holdings Corp. secured a $195-million senior secured term loan under a new credit agreement led by Needham Bank and Chicago Atlantic Financial Services LLC.
Simultaneous with the refinancing, the company also announced it has drawn the remaining $50 million available under its existing revolving $100-million credit facility, which was secured in September 2025.
Proceeds from the two loans, along with other funds, are being used to refinance and retire all outstanding indebtedness under the company’s October 2022 credit agreement.
Key terms of the new agreement
- Maturity date: March 11, 2029, with an option for the company to extend the maturity date for an additional one-year period subject to customary conditions and an extension fee
- Interest rate: a floating rate equal to Term SOFR plus 5.50%, subject to a 4% Term SOFR floor, or 9.50% per annum.
- Amortization: monthly principal repayments of $875,000 beginning in April 2026.
Prepayment flexibility: option to voluntarily prepay the loan with a modest 1.50% prepayment premium during the first two years of the facility and 0% thereafter.
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