Aurora Cannabis Inc. ACB ACB has repurchased an aggregate of approximately CA$102.5 million ($76.1 million) principal amount of its convertible senior notes at a total cost, including accrued interest, of CA$99.4 million ($73.8 million) in cash. Following completion of this repurchase, Aurora will have approximately CA$148 million ($110 million) 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 CA$316.5 million ($235 million) principal amount of its convertible senior notes over the last twelve months, resulting in annual cash interest savings of approximately CA$17.4 million ($12.9 million).
The company reiterated its expectation of achieving adjusted EBITDA profitability by December 31, 2022.
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