TILT Holdings Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Notes Payable (Tables)

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Notes Payable and Debt Issuance Costs

Notes payable and debt issuance costs are as follows:


Notes Payable	September 30, 2023			December 31, 2022
Revolving Facility – Interest rate of 11.5% as of September 30, 2023, due on July 21, 2024 ⁽¹⁾	$	7,586		$	10,722
2019 Senior Notes – Interest rate of 16.0% per annum, due on February 28, 2023		—			2,159
2019 Junior Notes – Interest rate of 8.0% per annum, due on April 1, 2023		—			46,497
2023 Refinanced Notes – Interest rate of 17.0% per annum as of September 30, 2023, due on February 15, 2026		39,944			—
2023 New Notes – Interest rate of 25.0% per annum as of September 30, 2023, due on February 15, 2027 ⁽³⁾		9,546			—
2023 Bridge Notes – Paid in August 2023		—			—
Employee Retention Credit note and other loans and borrowings		3,594			350
Total debt		60,670			59,728
Less: Debt discount and debt issuance costs		(7,186)	⁽²⁾		—
Less: Current portion of notes payable		(19,197)			(59,378)
Total debt, net of discount, net of current portion	$	34,287		$	350

(1)The Revolving Facility initially matures on July 21, 2024 and automatically renews for successive one-year terms unless terminated by the Company or the lender.

(2)Includes $6,973 of debt discount and debt issuance costs related to the 2023 Refinanced Notes and $213 of debt issuance costs related to the Revolving Facility. See below for additional detail.

(3)The interest rate of 25.0% is the default interest rate in effect due to the May Forbearance Agreement (as defined below).

Schedule of Future Maturities

Future maturities of all notes payable as of September 30, 2023 were as follows:


Year ended December 31,	Amount
Remainder of 2023	$	1,944
2024		16,180
2025		5,000
2026		28,000
2027		9,546
2028 and thereafter		—
Total	$	60,670

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details