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Canopy Growth Announces Completion of Conversions Pursuant to US$100 Million Convertible Debentures; Provides Update on Balance Sheet Actions Taken To Date
Canopy Growth Announces Completion of Conversions Pursuant to US$100 Million Convertible Debentur...
About this update from Canopy Growth Corporation
[{"type":"text","content":"\n \n \n \n Canopy Growth Announces Completion of Conversions Pursuant to US$100 Million Convertible Debentures; Provides Update on Balance Sheet Actions Taken To Date\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 SMITHS FALLS, ON\n \n \n ,\n \n \n July 3, 2023\n \n \n /CNW/ - Canopy Growth Corporation (\"Canopy Growth\" or the \"Company\") (TSX: WEED) (NASDAQ: CGC) announced today that all conversions pursuant to the\n \n US$100,000,000\n \n senior unsecured convertible debentures (the \"Convertible Debentures\"), sold to an institutional investor in\n \n February 2023\n \n , have been completed.\n \n \n \n \n \n \n \n \n \n Since the beginning of fiscal 2023, Canopy Growth has completed numerous balance sheet actions to strengthen its financial position, while implementing a business transformation plan with the goal of improving profitability. In addition to today's announcement that preserves liquidity, the balance sheet actions completed by the Company to date include:\n \n \n \n Equitization of\n \n $263 million\n \n of the 4.25% Unsecured Notes due in\n \n July 2023\n \n ;\n \n \n Paydown of\n \n USD$188 million\n \n (or 25% of the principal) of the senior secured term loan at\n \n $0.93\n \n per dollar of debt;\n \n \n Refinanced\n \n $100 million\n \n of the 4.25% Unsecured Notes due in\n \n July 2023\n \n held by Greenstar Canada Investment Limited Partnership, a wholly-owned subsidiary of Constellation Brands, Inc. (\"CBI\") in order to extend the maturity date to\n \n December 31, 2024\n \n ; and\n \n \n Generated\n \n $81 million\n \n in cash proceeds during the most recent fiscal quarter from the disposition of five facilities with additional agreements in place to generate up to\n \n $150 million\n \n in total proceeds by\n \n September 30\n \n of this year.\n \n \n \n \"Today's announcement underscores our continued commitment to deleveraging and strengthening Canopy Growth's financial position,\" said\n \n Judy Hong\n \n , Chief Financial Officer, Canopy Growth. \"When paired with our ongoing cost reducti...