Aphria Announces Proposed Private Offering of US$300 MillionWasn't expecting this so soon, but I guess these big guys are leaking more liquid then they expected...
LEAMINGTON, ON, Apr 16, 2019 (Canada NewsWire via COMTEX) -- Aphria Inc. ("Aphria" or the "Company") , a leading global cannabis company, today announced that it proposes to offer pursuant to a private placement US$300 million aggregate principal amount of convertible senior notes due 2024 (the "notes"), subject to market conditions and other factors. Aphria also intends to grant to the initial purchasers of the notes an option, exercisable within 30-day period, to purchase up to an additional US$45 million aggregate principal amount of notes. The notes are to be offered and sold to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the "Act"), and outside the United States to non-U.S. persons in compliance with Regulation S under the Act.
Aphria expects to use the net proceeds from the offering of the notes to support its international expansion initiatives, for future acquisitions and for general corporate purposes, including working capital requirements, in jurisdictions where federally and nationally legal.
The notes will be senior unsecured obligations of Aphria and accrue interest payable semi-annually in arrears. The notes will be convertible in certain circumstances into cash, Aphria common shares or a combination of cash and Aphria common shares, at Aphria's election. The interest rate, initial conversion rate, repurchase or redemption rights and other terms of the notes will be determined at the time of pricing of the offering.
This news release is neither an offer to sell nor a solicitation of an offer to buy the notes or the common shares of Aphria into which the notes may be convertible and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
The offer and sale of the notes and any common shares of Aphria issuable upon conversion of the notes have not been registered under the Act or any state securities laws, or qualified for distribution by prospectus in Canada, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements, or sold in Canada absent an exemption from the prospectus requirements of Canadian securities laws.
https://www.marketwatch.com/press-release/aphria-announces-proposed-private-offering-of-us300-million-of-convertible-senior-notes-due-2024-2019-04-16-18202380?mod=mw_share_twitter