08:38 AM EDT, 03/18/2021 (MT Newswires) -- Cannabis company Canopy Growth Corp. (WEED.TO) said Thursday that it entered into a credit agreement with funds advised by King Street Capital Management, L.P. for a US$750 million senior secured term loan.
CGC might be looking at Tilphria, sec approval is in. One thing for sure they will not be the only company looking at them.
Canopy said it can obtain up to an additional US$500 million of incremental senior secured debt pursuant to the agreement.
"This transaction further strengthens Canopy's balance sheet, provides additional capital to invest in high-return growth opportunities, and marks a key milestone for us as we work towards achieving a more efficient capital structure," Canopy CFO and EVP Mike Lee.
The loan has no amortization payments and matures on March 18, 2026. Proceeds will be used for working capital and general corporate purposes, including without limitation, growth investments, acquisitions, capital expenditures, and strategic initiatives.