Aurora Cannabis Repurchases ~$103 Million Principal Amount of Convertible Notes; Balance Sheet Among Strongest in Industry
NASDAQ | TSX: ACB
Balance Sheet Remains in Net Cash Position, Further Strengthened with Accretive Debt Reduction
Dec. 5, 2022
/PRNewswire/ – Aurora Cannabis Inc. (the “Company” or “Aurora”) (NASDAQ: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, today announced that it has repurchased an aggregate of approximately
) principal amount of its convertible senior notes (“Notes”) at a total cost, including accrued interest, of
) in cash. Following completion of this repurchase, Aurora will have approximately
) of Notes outstanding.
The purpose of the transaction, which represents a repurchase of a portion of the Notes at a 4.5% discount to par value, was to reduce the Company’s debt and annual cash interest costs. Aurora has repurchased an aggregate of approximately
) principal amount of its convertible senior notes over the last twelve months, resulting in annual cash interest savings of approximately
Aurora’s balance sheet remains amongst the strongest in the industry, and the Company reiterates its expectation of achieving Adjusted EBITDA Profitability by
December 31, 2022
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.
Aurora is a global leader in the cannabis industry, serving both the medical and consumer markets. Headquartered in
, Aurora is a pioneer in global cannabis, dedicated to helping people improve their lives. The Company’s adult-use brand portfolio includes
San Rafael ’71
, as well as CBD brands,
brands include MedReleaf, CanniMed, Aurora and Whistler Medical Marijuana Co. Aurora also has a controlling interest in
leading supplier of propagated agricultural plants. Driven by science and innovation, and with a focus on high-quality cannabis products, Aurora’s brands continue to break through as industry leaders in the medical, performance, wellness and adult recreational markets wherever they are launched. Learn more at
and follow us on
. Aurora’s common shares trade on the NASDAQ and TSX under the symbol “ACB”.
Forward Looking Statements
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, but are not limited to, statements regarding the purpose of the debt repurchase and the Company’s path and timing to achieve Adjusted EBITDA profitability.
These forward-looking statements are only predictions. Forward looking information or statements contained in this news release have been developed based on assumptions management considers to be reasonable. Material factors or assumptions involved in developing forward-looking statements include, without limitation, publicly available information from governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. 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. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government consumer sales channels, management’s estimates of consumer demand in
and in jurisdictions where the Company exports, expectations of future results and expenses, the risk of successful integration of acquired business and operations, management’s estimation that SG&A will grow only in proportion of revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crises, including the current outbreak of COVID-19, and other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual information form dated
September 30, 2022
(the “AIF”) and filed with Canadian securities regulators available on the Company’s issuer profile on SEDAR at
and filed with and available on the SEC’s website at
. 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.
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