Full Press Release Details
SunStream Bancorp Provides Follow-on Funding
CALGARY, AB, Nov. 15, 2022 /CNW/ - SunStream Opportunities
LP ("SunStream"), an affiliate of SunStream Bancorp Inc., a joint venture sponsored by SNDL Inc. (Nasdaq: SNDL) ("SNDL"),
today announced the closing of a US$6.25M senior secured term loan ("Senior Secured Term Loan") follow-on financing (the "Financing")
to SKYMINT Brands ("SKYMINT").
The Financing, made through Tropics LP, an affiliate
of SunStream, increases the Senior Secured Term Loan principal amount advanced to SKYMINT to US$81.25 million. The Financing is the second
follow-on senior secured term loan financing provided by SunStream to SKYMINT, the first being an incremental US$5 million for general
working capital purposes, made in May 2022. In September of 2021, SunStream advanced its initial senior secured term loan to Skymint in
the amount of US$70 million, in connection with SKYMINT's acquisition of 3Fifteen Cannabis ("3Fifteen"). The use of funds of
the Financing will be for general working capital purposes, as SKYMINT finalizes the transfer of the remainder of the cannabis licenses
acquired from 3Fifteen. With the acquisition of 3Fifteen, SKYMINT seeks to expand its retail footprint to 24 locations in Michigan, believed
to be one of the largest cannabis retail footprints in the state.
Loans issued under the Financing will bear interest
at a rate of 12.5% to 16.5% per annum based on a leverage test and mature on September 17, 2025.
SunStream is a joint venture between SNDL and the
SAF Group that leverages a strategic financial and operational partnership to target attractive risk-return opportunities in the cannabis
industry in order to provide exposure to a portfolio of attractive investments. Over the last two years, SunStream has deployed over US$400
million in loans to State licensed cannabis operators in the US, which include several multi-state operators.
SNDL is a public company whose shares are traded on
Nasdaq under the symbol "SNDL."
SNDL is the largest private sector liquor and cannabis
retailer in Canada with retail banners that include Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds,
and Spiritleaf. SNDL is a licensed cannabis producer that uses state-of-the-art indoor facilities to supply wholesale and retail
customers under a cannabis brand portfolio that includes Top Leaf, Sundial Cannabis, Palmetto, Spiritleaf Selects,
Re-Up, Namaste, Value Buds and Grasslands. SNDL's investment portfolio seeks to deploy strategic capital through
direct and indirect investments and partnerships throughout the global cannabis industry.
For more information on SNDL, please go to www.sndl.com.
Sunstream (CNW Group/Sundial Growers Inc.)
View original content to download multimedia:https://www.prnewswire.com/news-releases/sunstream-bancorp-provides-follow-on-funding-to-skymint-301679235.html
SOURCE Sundial Growers Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2022/15/c9209.html
For further information: Sophie Pilon, SNDL Inc., O: 1.587.327.2017,
CO: Sundial Growers Inc.
CNW 16:20e 15-NOV-22