AYR Wellness Inc. Announces Closing of Exit Facility and Restructuring Transactions

AYR Wellness Inc. has announced the initial closing of its restructuring transactions, including the transfer of its Virginia operations to Arboretum Virginia LLC and the funding of a new $275 million senior secured delayed draw term loan facility with Arboretum. This Exit Facility, backstopped by Millstreet Capital Management LLC, bears interest at 13.00% per annum with a five-year maturity. Outstanding obligations from the Company's existing bridge credit facility are being rolled over into the Exit Facility. Senior secured noteholders will receive equity interests in Arboretum Investments LLC in satisfaction of their claims. These transactions are expected to reduce leverage and improve financial performance. Concurrently, AYR Wellness is proceeding with its liquidation and wind-down under the Companies' Creditors Arrangement Act (Canada).