Aurora Cannabis (NYSE:ACB,TSX:ACB) announced the closing of an offering for 5.5 percent convertible senior notes due 2024 for gross proceeds of US$345 million.

As quoted in the press release:


“These convertible notes offer Aurora the flexibility and optionality to settle the entire principal amount of the notes in the future for cash, shares, or combination thereof,” said Aurora CEO Terry Booth. “The transaction signals confidence in our expected future performance and recognition that we have deployed our shareholders’ capital in an intelligent way.”

Aurora expects to use the net proceeds from the offering of the notes to support its Canadian and international expansion initiatives, for future acquisitions and for general corporate purposes, including working capital requirements to continue the Company’s accelerated growth.

The notes are unsecured and will mature on February 28, 2024. The notes bear cash interest semi-annually at a rate of 5.5 [percent] per annum. The initial conversion rate for the notes is 138.37 common shares per US$1,000 principal amount of notes, equivalent to an initial conversion price of approximately US$7.23 per common share. The initial conversion rate represents a premium of approximately 10 [percent] to the common share closing sale price on the New York Stock Exchange on January 17, 2019 and is subject to adjustment in certain events.

Click here to read the full press release.

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This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210303005322/en/

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