Red White & Bloom restructures C$110 million debt via new debt due 2024

By Marisa Wong

Los Angeles, Sept. 19 – Red White & Bloom Brands Inc. restructured over C$110 million of debentures by issuing a series of amended and restated secured debentures, according to a press release.

The company issued the following restated debentures:

• A $25,885,000 secured debenture due Sept. 12, 2024;

• A series of secured debentures with an aggregate principal amount of $9,505,000 due Sept. 12, 2024;

• A C$2.12 million secured debenture due Sept. 12, 2024;

• A $5.85 million secured promissory note due Sept. 12, 2024; and

• Two secured promissory notes totaling C$10.8 million that amend and restate convertible promissory notes previously issued to arm’s length lenders by wholly owned subsidiary RWB Platinum Vape Inc. on Oct. 4, 2021.

The company also issued a new convertible promissory note in the principal amount of C$17 million to an arm’s length lender, proceeds of which will be used to settle pre-existing debt.

In addition, RWB Florida LLC issued a new secured debenture totaling $18 million to an arm’s length third party with a maturity date of Feb. 8, 2024. Proceeds, along with cash on hand, were used to retire existing debt in the amount of $20.3 million.

Red White & Bloom is a multi-state cannabis operator based in Toronto.

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