On August 8, 2024, Canopy Growth Corporation entered into an amendment with all of its lenders party to its senior secured term loan credit agreement dated March 18, 2021, as amended. The amendment includes an extension of the current maturity date to December 18, 2026, with an option to further extend the maturity date to September 18, 2027, upon completion of the voluntary prepayment noted below.
The amendment provides for significant deleveraging potential of up to US$200 million of Canopy Growth’s senior secured debt. Pursuant to the amendment, Canopy Growth is required to make a prepayment equal to US$100 million at a discounted price of US$97.5 million and has the option to make a voluntary prepayment equal to US$100 million on the same pricing terms set forth above. The amendment also includes other modifications to Canopy Growth’s existing credit agreement.
Cassels is acting as strategic and legal counsel for Canopy Growth.