Full Repayment of Credit Facility Results in
Principal and Interest Savings of ~$25
Million In the Next Year
NASDAQ | TSX: ACB
EDMONTON, AB, June 1, 2021 /PRNewswire/ - Aurora Cannabis Inc.
(the "Company" or "Aurora") (NASDAQ: ACB) (TSX:
ACB), the Canadian company defining the future of cannabinoids
worldwide, announced today that it has completed the restructuring
of its balance sheet. The second amended and restated credit
facility, which matures on December 31,
2022, and consists of a term loan and revolver, was repaid
in full, without penalty and at the Company's discretion, in the
amount of approximately $89 million,
including accrued interest.
The repayment results in interest and scheduled principal
repayment reductions of approximately $25
million over the next 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 as of May 31,
2021.
"We are pleased to have completed our balance sheet
restructuring through the full repayment of our credit facility.
Since assuming the CEO role late last year, I recognized having a
strong balance sheet is critical in what is a very dynamic
industry. Delivering on this priority allows us the ability to
operate the business and pursue growth opportunities unconstrained
by our balance sheet. Let me also express our appreciation to
Aurora's lenders who have provided us with exceptional support
throughout this process," stated Miguel
Martin, Chief Executive Officer of Aurora Cannabis.
"Following this repayment, we continue to have a substantial
cash position and the financial flexibility needed to fund current
operations and execute our business plan. Further, to maximize our
strategic opportunities including within the U.S., we have an
at-the-market equity program to issue and sell up to US$300 million of common shares. We are not
expecting to access the ATM Program without an accretive use of
proceeds," he concluded.
About Aurora
Aurora is a global leader in the cannabis industry serving both
the medical and consumer markets. Headquartered in Edmonton, Alberta, Aurora is a pioneer in
global cannabis 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, high-quality
cannabis products, Aurora's brands continue to break through as
industry leaders in the medical, performance, wellness and
recreational markets wherever they are launched. For more
information, please visit our website at www.auroramj.com.
Aurora's common shares trade on the NASDAQ and TSX under the
symbol "ACB", and is a constituent of the S&P/TSX Composite
Index.
Forward-looking Information
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements made in
this news release include statements regarding the expected use of
proceeds of the ATM Program and the completion of acquisitions.
These forward-looking statements are only predictions. Various
assumptions were used in drawing the conclusions or making the
projections contained in the forward-looking statements throughout
this news 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, such as current and future market conditions,
the ability to maintain SG&A costs in line with current
expectations, the ability to achieve high margin revenues in the
Canadian consumer market, the 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 believes to be relevant and
reasonable in the circumstances could cause actual events, results,
level of activity, performance, prospects, opportunities or
achievements to differ materially from those projected in the
forward-looking statements, including the risks associated with:
entering the U.S. market, the ability to realize the anticipated
benefits associated with the acquisition of Reliva, achievement of
Aurora's business transformation plan, general business and
economic conditions, changes in laws and regulations, product
demand, changes in prices of required commodities, competition, the
effects of and responses to the COVID-19 pandemic and other risks,
uncertainties and factors set out under the heading "Risk Factors"
in the Company's annual information form dated September 24, 2020 (the "AIF") and filed with
Canadian securities regulators 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 AIF
is not exhaustive and other factors could also adversely affect its
results. Readers are urged to consider the risks, uncertainties and
assumptions carefully in evaluating the forward-looking statements
and are cautioned not to place undue reliance on such information.
The Company is under 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 applicable securities
law.
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SOURCE Aurora Cannabis Inc.