NewLake Capital Partners, Inc. 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
Related News:
NewLake Capital Partners Acquires Cultivation Property In Missouri For $34M New Lake Capital Reports 142% YoY Revenue Increase In 2021, Q4 Net Income Of $4.3M
Photo: Courtesy of CRYSTALWEED cannabis on Unsplash
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