Canopy Growth refinances C$100M of 4.25% notes due 2023 with new promissory note due Dec 2024

Canopy Growth Corp

Extinguished C$100M (US$73.9M) 4.25% notes due 2023 via exchange with Constellation Brands subsidiary GCILP.
Issued promissory note for C$100M payable Dec 31, 2024, at 4.25% interest due at maturity.
Paid accrued interest in cash to GCILP; transaction closed on April 14, 2023.
Plans to later exchange promissory note for new non-voting exchangeable shares to preserve cash.
Transaction is a related party transaction; directors affiliated with CBI abstained; exempt from minority approval.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Canopy Growth Corp entered into Exchange Agreement with Greenstar Canada Investment Limited Partnership valued at C$100 million (approximately US$73.9 million) aggregate principal amount (effective 2023-04-13).

Action: entry
Agreement: notes offering
Counterparty: Greenstar Canada Investment Limited Partnership
Value: C$100 million (approximately US$73.9 million) aggregate principal amount
Effective: 2023-04-13

Exact text from the filing

On April 13, 2023, Canopy Growth Corporation (the “ Company ”) entered into an exchange agreement (the “ Exchange Agreement ”) with Greenstar Canada Investment Limited Partnership (“ GCILP ”), a wholly-owned subsidiary of Constellation Brands, Inc., in order to extinguish C$100 million (approximately US$73.9 million) aggregate principal amount of the Company’s outstanding 4.25% unsecured notes due 2023

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Source: SEC EDGAR

accession 0001193125-23-102220

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