Valley Bank’s New Jersey Commercial Banking Team Closes a $150 Million Syndicated Credit Facility to Green Thumb Industries Inc.
12 Septiembre 2024 - 6:00AM
Business Wire
Valley National Bank, the wholly-owned subsidiary of Valley
National Bancorp (NASDAQ: VLY), announces the closing of a $150
million five-year Senior Secured Term Loan Facility to Green Thumb
Industries Inc. (“Green Thumb or the “Company”) (CSE: GTII) (OTCQX:
GTBIF), a leading national cannabis consumer packaged goods company
and owner of RISE Dispensaries. The Company intends to use the
proceeds along with existing cash to retire its $225 million senior
secured debt due April 30, 2025.
Valley is the Sole Lead Arranger, Sole Bookrunner, and
Administrative Agent for the deal in conjunction with a tailored
syndicate of bank market investors. The transaction was arranged,
structured, undertaken, and syndicated by Valley’s Syndications
Team who led GTI’s first syndicated transaction with an innovative
structure and created a syndicate tailor-made to support GTI today
and in the future.
Headquartered in Chicago, Illinois, Green Thumb Industries has
20 manufacturing facilities, 98 retail locations and operations
across 14 U.S. markets. Established in 2014, Green Thumb employs
approximately 4,700 employees and serves millions of patients and
customers each year.
“We are proud to continue our partnership with GTI, a proven
leader in the consumer-packaged goods and wellness industry,”
remarked John Meyer, Senior Vice President of Commercial Banking at
Valley. “Valley is committed to relationship banking at scale and
to providing tailored solutions to our client base. We are thrilled
to have delivered an innovative loan structure to GTI that was
successfully syndicated in the bank market.”
“This financing is a first-of-its kind credit facility for the
U.S. cannabis industry, marking a major step for Green Thumb and
cannabis more broadly,” said Green Thumb Founder, Chairman and
Chief Executive Officer Ben Kovler. “We plan to double down on our
efforts to build brands that Americans love. Cannabis is a means
towards more well-being, and we know Americans are craving
well-being now more than ever. The future of America is more
cannabis, and this debt arrangement allows us to invest for the
future of America’s well-being. We are grateful to Valley for being
great partners and providing a tailored solution that fits Green
Thumb’s needs.”
About Valley
As the principal subsidiary of Valley National Bancorp, Valley
National Bank is a regional bank with over $62 billion in assets.
Valley is committed to giving people and businesses the power to
succeed. Valley operates many convenient branch locations and
commercial banking offices across New Jersey, New York, Florida,
Alabama, California and Illinois, and is committed to providing the
most convenient service, the latest innovations and an experienced
and knowledgeable team dedicated to meeting customer needs. Helping
communities grow and prosper is the heart of Valley’s corporate
citizenship philosophy. To learn more about Valley, go to
www.valley.com or call our Customer Care Center at
800-522-4100.
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version on businesswire.com: https://www.businesswire.com/news/home/20240912813902/en/
Pam Golden (973) 564 - 8591 pam@glapr.com
Valley National Bancorp (NASDAQ:VLY)
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