High Tide Secures C$40 Million BMO Credit Facilities for Debt Refinancing
HITI•High Tide secured Bank of Montreal credit approval for C$40 million of senior secured facilities: a C$25 million revolving tranche with C$19 million available after repaying C$6 million to connectFirst, plus a C$15 million delayed-draw term loan. These facilities will refinance debt, lower its cost of capital and close within 30 days.
1. Credit Approval Secured
High Tide received credit approval from Bank of Montreal for C$40 million in new senior secured credit facilities, which will replace the company’s existing senior credit facility upon closing.
2. Facility Structure and Terms
The financing comprises a C$25 million revolving tranche maturing in three years—offering approximately C$19 million in available liquidity after repaying C$6 million to connectFirst—and a C$15 million delayed-draw term loan to refinance second-lien debentures.
3. Strategic Impact and Timeline
Following satisfaction of customary closing conditions, expected within 30 days, the new facilities will refinance existing debt, reduce borrowing costs and support High Tide’s next phase of growth.
