What’s left of Curaleaf’s $425m new debt after refis?

by | Dec 18, 2021 | Company Analysis

Since this was originally published, Curaleaf upsized the deal by another $50 million, so add simplistically $50 million to all figures below.

Curaleaf just raised $425 million of notes due 2026 at 8%; the size and access to capital is impressive in itself.

The stated use of the capital is to “refinance existing indebtedness, for working capital, and to pay transaction fees and expenses”.

How much of this new cash will be left after refis, what is the new leverage ratio and valuation, and what is the right way to look at cannabis leverage?

Premium Members can read the answers below.