Business
Aurora Repurchases ~US$9.0 Million Principal Amount of Convertible Notes; Continues Progress Towards Positive Free Cash Flow with less than ~US$39 Million of Notes Outstanding
Aurora Repurchases ~US$9.0 Million Principal Amount of Convertible Notes; Continues Progress Towa...
About this update from Aurora Cannabis Inc.
[{"type":"text","content":"\n \n \n \n Aurora Repurchases ~US$9.0 Million Principal Amount of Convertible Notes; Continues Progress Towards Positive Free Cash Flow with less than ~US$39 Million of Notes Outstanding\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n NASDAQ | TSX: ACB\n \n \n \n \n EDMONTON, AB\n \n \n ,\n \n \n Sept. 8, 2023\n \n \n /CNW/ - Aurora Cannabis Inc. (\"Aurora\" or the \"Company\") (NASDAQ: ACB) (TSX: ACB), the Canadian company opening the world to cannabis, today announced that it has repurchased an aggregate of approximately\n \n $12.3 million\n \n (\n \n US$9.0 million\n \n ) principal amount of its convertible senior notes (\"Notes\") in multiple transactions\n \n between August 16 and September 8, 2023\n \n at a total cash cost of\n \n $12.3 million\n \n (\n \n ~US$9.0 million\n \n ), including accrued interest, satisfied by the issuance of an aggregate ~20.1 million common shares of Aurora. Following completion of these repurchases, Aurora will have approximately\n \n $53 million\n \n (\n \n US$39 million\n \n ) of Notes outstanding.\n \n \n \n \n \n \n \n \n \n The purpose of the transactions was to reduce the Company's debt and annual cash interest costs, reinforcing our commitment to achieving our target of positive free cashflow in calendar year 2024. In total, the transactions announced today will save Aurora\n \n $0.66 million\n \n in annualized interest payments. Aurora has repurchased an aggregate of approximately\n \n $419 million\n \n (\n \n US$306 million\n \n ) principal amount of its convertible senior notes since\n \n December 2021\n \n , resulting in total cash interest savings of approximately\n \n $31.7 million\n \n (\n \n US$23.9 million\n \n ).\n \n \n \"As of today, Aurora has reduced its convertible debt from\n \n US$345 million\n \n to below\n \n US$39 million\n \n ,\" stated Aurora's CEO\n \n Miguel Martin\n \n , \"With one of the strongest balance sheets of the Canadian LPs evidenced by our net cash position and continued commitment to prudent fiscal management, we are co...