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Loudpack amends 8% unsecured convertible notes due November 2020
By Taylor Fox
New York, Dec. 3 – LPF JV, LLC, known as Loudpack, amended its 8% unsecured convertible notes due November 2020, according to a news release.
Notes representing $60 million of principal and accrued interest were exchanged for a like amount of new secured convertible notes due Dec. 31, 2022.
The amendment provides an extension of more than two years and was supported by holders of 95% of the amount of the old convertible notes.
Loudpack also exchanged $7 million of existing secured notes for a like amount of new convertible notes; reformulated its board of directors by, among other things, adding three new independent directors; and obtained the right to refinance its existing real estate loan and to issue up to $20 million more of new convertible notes.
Ducera Partners LLC served as financial adviser and Feuerstein Kulick LLP served as counsel to the company.
FTI Consulting served as financial adviser and Pachulski Stang Ziehl & Jones LLP served as counsel to the noteholders.
Loudpack is a vertically integrated cannabis company based in Los Angeles.
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