Canopy Rivers will act as a debtor-in-possession lender and provide up to $7.2 million in DIP financing to PharmHouse, which obtained an order from the Ontario Superior Court of Justice granting it creditor protection under the Companies’ Creditors Arrangement Act.
The Bank of Montreal, the Canadian Imperial Bank of Commerce and Concentra Bank amended PharmHouse’s syndicated credit facility to provide an additional $10 million of secured debt financing. BMO acted as agent and lead lender for the facility.
BMO acted as agent and lead lender on C$80 million ($60.2 million) in secured debt financing for Canopy Rivers’ joint venture, PharmHouse. CIBC and Concentra Bank also participated as lenders on the facility.