Vireo Growth Inc. Completes Loan Refinancing and Upsize With a Bank Led Syndicate Arranged by CEO, John Mazarakis

Vireo Growth Inc. Completes Loan Refinancing and Upsize With a Bank Led Syndicate Arranged by CEO, John Mazarakis

Benzinga
July 8, 2025

-- Company completes refinancing of all existing senior secured debt through a $120 million self-syndicated term loan with leading banks, at an interest rate of 8.3% --

-- Company also complies expansion of its consolidated credit facilities with an additional $33 million second lien term loan with $50 million accordion to support ongoing strategic initiatives --

-- Senior secured debt refinancing is expected to generate more than $10 million in annual interest savings, strengthening the Company's financial position and enhancing long-term shareholder value --

MINNEAPOLIS, July 08, 2025 (GLOBE NEWSWIRE) -- Vireo Growth Inc. ("Vireo" or the "Company") (CSE:VREO, OTCQX:VREOF) today announced the successful closing of a series of transactions that collectively refinance all of its existing senior secured debt and significantly expand its credit capacity under more favorable terms. The $153 million in combined closing date financing strengthens the Company's balance sheet with over $100 million in cash and is expected to reduce annual interest expense by more than $10 million.

On July 7, 2025, the Company closed a $120 million self-syndicated first lien term loan with a group of leading banks. The facility refinances all existing senior secured obligations and is secured by a first-priority lien on substantially all assets, including real estate and operating subsidiaries. The three-year facility accrues interest at 8.3% (1-month SOFR + 4.0%) and may be prepaid at any time without penalty.

In parallel, the Company also closed a $33 million second lien term loan with a $50 million accordion feature available to support future strategic initiatives, subject to mutual agreement. This facility carries a three-year maturity, accrues interest at prime + 5.5%, and includes a one-year extension option for a 1.0% fee. It is prepayable at any time with 45 days' notice and no penalty. Proceeds will be used for general corporate purposes.

These financings follow the recent completion of a series of mergers that expanded Vireo's operational footprint and market leadership. As ...

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