Aurora Cannabis completes restructuring of its balance sheet
The full repayment of the credit facility results in savings in principal and interest of ~ $ 25 million Next year
NASDAQ | TSX: ACB
EDMONTON, AB, June 1, 2021 / PRNewswire / – Aurora Cannabis Inc. (the “Company” or “Dawn“) (NASDAQ: ACB) (TSX: ACB), the Canadian company that defines the future of cannabinoids around the world, today announced that it has completed a restructuring of its balance sheet. The Amended and Restated Second Credit Facility , which expires on December 31, 2022, and consists of a term loan and a revolver, has been repaid in full, without penalty and at the discretion of the Company, for an amount of approximately $ 89 million, including accrued interest.
The repayment results in expected reductions in interest and principal repayment of approximately $ 25 million over the following year based on the outstanding balance at the time of repayment. After giving effect to the repayment, the company’s pro forma cash position was approximately $ 430 million from May 31, 2021.
“We are delighted to have completed the restructuring of our balance sheet with the full repayment of our credit facility. Since taking on the role of CEO at the end of last year, I have recognized that a strong balance sheet is essential in this very dynamic industry. Achieving this priority allows us to operate the business and pursue growth opportunities unconstrained by our balance sheet. Let me also express our gratitude to the Aurora lenders who have provided us with exceptional support throughout this process, ”said Miguel Martin, CEO of Aurora Cannabis.
“After this repayment, we continue to have substantial cash and the financial flexibility to finance ongoing operations and execute our business plan. In addition, to maximize our strategic opportunities, including in the United States, we have a market action program. issue and sell up $ 300 million ordinary shares. We do not expect to access the ATM program without an accretive use of revenues, ”he concluded.
Aurora is a global leader in the cannabis industry serving both the medical and consumer markets. Based at Edmonton, Alberta, Aurora is a global cannabis pioneer dedicated to helping people improve their lives. The company’s brand portfolio includes Aurora, Aurora Drift, San Rafael ’71, Daily Special, AltaVie, MedReleaf, CanniMed, Whistler and Reliva CBD. Providing customers with innovative and high-quality cannabis products, Aurora’s brands continue to break through as industry leaders in the medicine, performance, wellness and leisure markets wherever they are. ‘they are launched. For more information, please visit our website at www.auroramj.com.
Aurora’s common shares trade on NASDAQ and TSX under the symbol “ACB” and are included in the S & P / TSX Composite Index.
This press release includes statements containing certain “forward-looking information” within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are often characterized by words such as “plan”, “continue”, “expect”, “plan”, “intend”, “believe”, “anticipate”, “estimate”, “may “,” Will “,” potential “,” proposed “and other similar words, or statements that certain events or conditions” could “or” occur “. Forward-looking statements contained in this press release include statements regarding the intended use of the products of the ATM program and the completion of acquisitions. These forward-looking statements are only predictions. Various assumptions have been used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this press release. Forward-looking statements are based on the opinions, estimates and assumptions of management in light of management’s experience and perception of historical trends, current conditions and expected developments at the date the statements are made. made, such as current and future market conditions, ability to keep SG&A Fees in line with current expectations, ability to generate high margin revenues in the Canadian consumer market, current and future regulatory environment and future approvals and permits. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management considers relevant and reasonable in the circumstances could cause events, results, level of activity, performance, actual prospects, opportunities or achievements differ materially from these. projected in the forward-looking statements, including the risks associated with: entering the US market, the ability to realize the expected benefits associated with the acquisition of Reliva, the completion of Aurora’s business transformation plan, the business conditions and general economic, changes in laws and regulations, demand for products, changes in the prices of required commodities, competition, effects and responses to the COVID-19 pandemic and other risks, uncertainties and factors defined under “Risk factors »Of the Company’s Annual Information Form dated September 24, 2020 (the “Annual Information Form”) and filed with the Canadian Securities Administrators available on the Company’s Issuer Profile on SEDAR at www.sedar.com and filed with and available on the SEC’s website at www.sec.gov. The Company cautions that the list of risks, uncertainties and other factors described in the Annual Information Form is not exhaustive and that other factors could also adversely affect its results. Readers are urged to carefully consider risks, uncertainties and assumptions when evaluating forward-looking statements and are cautioned not to place undue reliance on such information. The Company has no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law on applicable securities.
SOURCE Aurora Cannabis Inc.