NewLake Capital Partners, Inc. (OTCQX:NLCP) has entered into a five-year revolving credit facility with a $30 million initial commitment. The credit facility contemplates an expansion to $100 million as additional lenders are added. It also has a fixed interest rate of 5.65% for the first three years and a floating rate thereafter.
“We are pleased to announce NewLake’s inaugural credit facility,” stated Anthony Coniglio, president and chief investment officer. “Access to this additional capital will allow us to continue our disciplined approach to investing in high-quality assets in the growing cannabis industry and the revolving nature of this facility will help us to efficiently manage our capital usage.”
Price Action
NewLake Capital shares closed Friday market session 3.33% lower at $20.3 per share
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Photo: Courtesy of CRYSTALWEED cannabis on Unsplash
