Vext Science secures $22 million first-lien, second-lien facility

By Mary-Katherine Stinson

Lexington, Ky., July 8 – Vext Science, Inc. entered into an agreement with a California-based lender for a $22.2 million credit facility, according to a press release Friday.

The facility is comprised of a $17,185,000 20-year first-lien secured term loan and a $5 million five-year second-lien secured term loan.

Both term loans bear interest at Prime plus 275 basis points with a 6.25% floor.

Canaccord Genuity acted as a financial adviser to Vext.

Proceeds will be used to refinance current secured debt and for working capital for potential acquisitions, capital expenditures and general and administrative expenses.

Vext is a Phoenix, Ariz.-based cannabis THC and hemp cannabinoid products company.

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