03 May 2021 07:20 ET
07:20 AM EDT, 05/03/2021 (MT Newswires) -- Dual-listed HEXO Corp. (HEXO.TO, NYSE:HEXO) earlier rose 3.1% as of 6:30 a.m. in U.S. premarket trading on Monday. But at last look it was up less than 1% after the company said it has repaid the total C$28.9 million outstanding balance on its credit facility from mid-February 2019. The Ottawa-based cannabis company had secured the credit facility from Canadian Imperial Bank of Commerce, which acted as sole bookrunner, co-lead arranger and administrative agent, and Bank of Montreal, which served as co-lead arranger and syndication agent. "We believe repayment of the credit facility provides HEXO with flexibility as we continue to execute on our U.S. expansion plans and our goal to become a top two Canadian [licensed producer] by adult-use recreational cannabis sales," said Sebastien St-Louis, the company's chief executive officer and co-founder. HEXO's shares closed up 3.00% in Toronto and 3.70% in New York last Friday. |