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AUXLY ANNOUNCES NON-BINDING TERM SHEET TO EXTEND AUXLY LEAMINGTON CREDIT FACILITY FOR UP TO 3 YEARS AND THIRD INTERIM EXTENSION
AUXLY ANNOUNCES NON-BINDING TERM SHEET TO EXTEND AUXLY LEAMINGTON CREDIT FACILITY FOR UP TO 3 YEA...
About this update from Auxly Cannabis Group Inc.
[{"type":"text","content":"\n \n \n \n AUXLY ANNOUNCES NON-BINDING TERM SHEET TO EXTEND AUXLY LEAMINGTON CREDIT FACILITY FOR UP TO 3 YEARS AND THIRD INTERIM EXTENSION\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Jan. 3, 2024\n \n \n /CNW/ -\n \n Auxly Cannabis Group Inc.\n \n (TSX: XLY) (OTCQB: CBWTF) (\"\n \n Auxly\n \n \" or the \"\n \n Company\n \n \"), a leading consumer packaged goods company in the cannabis products market, today announced that it has signed a non-binding term sheet to amend and restate the credit facility (the \"\n \n Credit Facility\n \n \") between its wholly-owned subsidiary Auxly Leamington Inc. and a syndicate of lenders, led by the Bank of\n \n Montreal\n \n as administrative agent upon the following revised terms:\n \n \n \n \n \n \n \n \n \n \n Extension of the maturity date by two years until\n \n December 31, 2025\n \n , with an option for Auxly Leamington to extend the maturity date for an additional year by making\n \n $2.5 million\n \n principal repayment by\n \n December 31, 2025\n \n ;\n \n \n \n \n Updated, EBITDA and other financial and operational covenants for Auxly Leamington;\n \n \n \n \n Increased quarterly principal payments throughout the term; and\n \n \n \n \n The obligations of Auxly Leamington under the Credit Facility continuing to be supported by a\n \n $33 million\n \n limited guarantee by Auxly, and a pledge by Auxly of all of its securities of Auxly Leamington.\n \n \n \n Auxly and the lenders are working towards a definitive binding amendment to the Credit Facility, although there can be no assurance that a definitive amendment agreement with the lenders will be reached. While Auxly and the lenders work toward definitive documentation, the lenders have provided Auxly with a third interim extension of the maturity date of the Credit Facility to\n \n January 31, 2024\n \n .\n \n \n \n About Auxly Cannabis Group Inc. (TSX: XLY)\n \n \n \n Auxly is a leading Canadian consumer packaged goods company in the cannabis products market, headquartered in\n \n Toron...