22nd Century Group, Inc. (NASDAQ: XXII) announced a new $21 million senior secured debenture financing to support increased working capital needs related to the significant growth outlook in both its VLN and GVB business lines. The new three-year financing was issued at 5% original issuance discount, will bear cash interest at a rate of 7% per annum, and commence principal amortization in the second year at a rate of 2% of the original balance per month. The company has the option to redeem the facility early starting in the second year.
The company is on track to launch VLN in up to 18 states by the end of …