Cronos Group Inc. Announces Closing of $65 Million Credit Facility

Published: January 23, 2019

Cronos Group Inc. Announces Closing of $65 Million Credit Facility

Cronos Group Inc. has entered into a credit agreement with Canadian Imperial Bank of Commerce, as administrative agent and lender, and the Bank of Montreal, as lender in respect of a $65 million secured non-revolving term loan credit facility. The Company intends to use the funds available under the Credit Facility to repay the Company’s existing loan facility with Romspen Investment Corporation and for general corporate purposes pending the closing of the Company’s previously announced equity investment by Altria Group, Inc. The Company intends to repay the Credit Facility with a portion of the proceeds from the Investment. The Credit Facility will mature on July 23, 2019, unless extended to September 7, 2019 with the consent of the Lenders.