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Canopy Growth Announces Refinancing of C$100 million of Notes due 2023
Canopy Growth Announces Refinancing of C$100 million of Notes due 2023 Canada NewsWire ...
About this update from Canopy Growth Corporation
[{"type":"text","content":"\n \n \n \n Canopy Growth Announces Refinancing of C$100 million of Notes due 2023\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 April 14, 2023\n \n \n /CNW/ - Canopy Growth Corporation (\"\n \n Canopy Growth\n \n \" or the \"\n \n Company\n \n \") (TSX: WEED) (NASDAQ: CGC) announced today that it has entered into an exchange agreement (the \"\n \n Exchange Agreement\n \n \") with Greenstar Canada Investment Limited Partnership (\"\n \n GCILP\n \n \"), a wholly-owned subsidiary of Constellation Brands, Inc. (\"\n \n CBI\n \n \"), in order to extinguish\n \n C$100 million\n \n (approximately\n \n USD$73.9 million\n \n ) aggregate principal amount of the Company's outstanding 4.25% unsecured notes due 2023 (the \"\n \n Existing\n \n \n Notes\n \n \").\n \n \n \n \n \n \n \n \n \n Pursuant to the Exchange Agreement, the Company agreed to acquire and cancel\n \n C$100 million\n \n aggregate principal amount of the Existing Notes held by GCILP in exchange for: (i) a cash payment to GCILP in the amount of unpaid and accrued interest owing under the Existing Notes held by GCILP; and (ii) a promissory note (the \"\n \n Promissory Note\n \n \") issuable to GCILP in the aggregate principal amount of\n \n C$100 million\n \n payable on\n \n December 31, 2024\n \n (collectively, the \"\n \n CBI Transaction\n \n \"). The Promissory Note will bear interest at a rate of 4.25% per year, payable on maturity of the Promissory Note. The CBI Transaction is expected to close on or about April 14, 2023, subject to customary closing conditions.\n \n \n Further to its press release dated\n \n October 25, 2022\n \n , Canopy Growth intends to amend its articles in order to, among other things, create a new class of non-voting and non-participating exchangeable shares (\"\n \n Exchangeable Shares\n \n \"), which will be convertible into Company common shares. Following closing of the CBI Transaction and the creation of the Exchangeable Shares, the Company maintains its intention to negotiate an exchange w...