Canopy Growth enters debt exchange for US$50M proceeds, extends C$27.5M debt to 2029

Canopy Growth Corp

Gross proceeds ~US$50M; exchanges C$27.5M of 2025 debt for new C$96.4M convertible debenture maturing 2029.
New convertible debenture bears 7.5% interest; conversion price C$14.38; forced conversion trigger at C$21.57.
Issues 3.35M warrants at C$16.18 exercise price, 5-year term.
Canopy USA exercises options to acquire 100% of Wana (edibles) and Jetty (extracts) for U.S. cannabis expansion.
Acreage Holdings receives default notice; Canopy evaluating; option to acquire Acreage extended to May 9.

item 1.01 item 2.03 item 3.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Canopy Growth Corp incurred convertible notes of C$96,358,375 with MMCAP International Inc. SPC at 7.50% per annum maturing five years from the Closing Date.

Instrument: convertible notes
Principal: C$96,358,375
Counterparty: MMCAP International Inc. SPC
Rate: 7.50% per annum
Maturity: five years from the Closing Date
Event: incurrence

Exact text from the filing

a new senior unsecured convertible debenture of the Company with an aggregate principal amount of C$96,358,375 maturing five years from the Closing Date (as defined below) (the “ Convertible Debenture ”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Canopy Growth Corp entered into Exchange and Subscription Agreement with MMCAP International Inc. SPC valued at approximately C$27.5 million aggregate principal amount of Supreme Debentures (effective 2024-05-02).

Action: entry
Agreement: equity purchase
Counterparty: MMCAP International Inc. SPC
Value: approximately C$27.5 million aggregate principal amount of Supreme Debentures
Effective: 2024-05-02

Exact text from the filing

On May 2, 2024, the Company entered into an Exchange and Subscription Agreement (the “ Exchange and Subscription Agreement ”) with MMCAP International Inc. SPC (the “ Investor ”) pursuant to which, among other things, the Investor agreed to deliver to the Company approximately C$27.5 million aggregate principal amount of Supreme Debentures maturing in September 2025 held by the Investor and pay the Company approximately US$50 million in exchange for the Company issuing to the Investor (i) a new senior unsecured convertible debenture of the Company with an aggregate principal amount of C$96,358,375

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.91

Canopy Growth Corp entered into Second Amended and Restated Limited Liability Company Agreement with Canopy USA, LLC and its members, 11065520 Canada Inc. and the Huneeus 2017 Irrevocable Trust (effective 2024-04-30).

Action: entry
Counterparty: Canopy USA, LLC and its members, 11065520 Canada Inc. and the Huneeus 2017 Irrevocable Trust
Effective: 2024-04-30

Exact text from the filing

On April 30, 2024, Canopy USA and its members, 11065520 Canada Inc. and the Huneeus 2017 Irrevocable Trust, entered into a Second Amended and Restated Limited Liability Company Agreement (the “ Second A&R LLC Agreement ”) which amended and restated the prior amended and restated limited liability company agreement of Canopy USA

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306 debt financings filed in the last 30 days. Browse all debt financings →

Canopy Growth Corp filing history →

Source: SEC EDGAR

accession 0001104659-24-057446

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