Cannabis-focused commercial real estate finance company Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) announced Tuesday that its wholly-owned financing subsidiary, Chicago Atlantic Lincoln, LLC, entered into an amended and restated loan and security agreement by and among Chicago Atlantic Lincoln and two FDIC-insured financial institutions related to a secured revolving credit facility.
The revolving loan has an aggregate commitment of $45.0 million and a maturity date of December 16, 2023, with a one-year extension option, subject to customary conditions.
It bears interest at a floating rate, based upon Chicago Atlantic Lincoln's leverage ratio, ranging from 0% to 1.25% over the Prime Rate, subject to a 3.25% Prime Rate floor.
Chicago Atlantic expects to use the available borrowing base from the revolving loan to fund additional loans and for general corporate purposes.
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Price Action
Chicago Atlantic shares traded 0.44% higher at $16.09 per share at the time of writing Wednesday morning.
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