Curaleaf Closes $500 Million Bond Deal at 11.5% Interest, Refinances 2026 Debt

Curaleaf Holdings has completed a $500 million private placement of 11.5% senior secured notes due in 2029, refinancing its existing debt and extending its maturity runway by three years. The Stamford, Connecticut-based marijuana company announced today that the notes, which mature on February 18, 2029, were issued at face value and will pay interest semi-annually. The proceeds are being used in part to redeem $475 million in senior secured notes that were previously set to mature in December 2026, as well as to cover transaction costs and support the company’s global growth initiatives.

According to the company, the new debt is non-dilutive and secured, providing additional financial flexibility. The governing agreement allows for future note issuances, subject to leverage covenants and other conditions, along with up to $100 million in senior bank financing.

Chairman and CEO Boris Jordan said the offering represents the largest bond deal completed in the marijuana sector, adding that the company now has extended capital flexibility through 2029.

The notes were sold in Canada through private placement exemptions and in the United States to qualified institutional buyers and accredited investors under federal securities exemptions. The securities are subject to a four-month hold period under Canadian law.

Seaport Global Securities served as lead placement agent, with ATB Cormark Capital Markets acting as co-placement agent.

Curaleaf trades on the Toronto Stock Exchange under CURA and on the OTCQX market under CURLF.