Entourage Health Announces Restructuring of Senior Secured Debt

TORONTO, June 19, 2023 (GLOBE NEWSWIRE) — Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) (FSE: 4WE) (“Entourage” or the “Company“), a Canadian producer and distributor of award-winning cannabis products, announced today that the Company has partially repaid its senior secured credit facility (the “Credit Facility”) with Bank of Montreal (“BMO“) from the net proceeds of the sale of its Strathroy facility and cash, and that the remaining balance of the Credit Facility of approximately $14.6 million has been assumed by its other senior secured lender, an affiliate of the LiUNA Pension Fund of Central and Eastern Canada (“LPF“), allowing for the full repayment of BMO. In connection with the assignment of BMO’s rights, interests and obligations under the Credit Facility, BMO has also assigned certain related security of the Company. Following such assignment, the Company has no further obligations to BMO under the terms of the Credit Facility and the related security and obligations previously existing in favour of BMO have been assigned to LPF. The terms of the Credit Facility were not amended in connection with the assignment. By restructuring its senior secured debt, the Company simplifies its capital structure in line with the strategic decisions made to simplify its business operations.

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