Canopy Growth Corporation has announced that it has made an early prepayment under its senior secured term loan in an aggregate principal amount equal to US$100 million at a discounted price of US$97.5 million.
As previously announced in August 2024, this prepayment was agreed to between the Company and its senior lenders as part of a series of amendments to the Term Loan, which, among other things, included an extension of the Term Loan's maturity date to December 18, 2026. According to the Term Loan Amendment, the Company has the option to make an additional prepayment equal to US$100 million at a discounted price of US$97.5 million by March 31, 2025 (the "Second Prepayment"). If payment of the Second Prepayment is made, the maturity date of the Term Loan will automatically further extend to September 18, 2027.
Judy Hong, CFO of Canopy Growth, commented: "This early prepayment reflects our ongoing commitment to reducing cash burn and strengthening our capital structure. Our proactive steps to reduce debt and extend maturity enhance our balance sheet flexibility to invest in growth areas and drive long-term value creation for our shareholders."
For more information:
Canopy Growth Corp.
[email protected]
canopygrowth.com