Tilray works with convertible holders of two series on buybacks

Chicago, May 26 – Tilray Brands, Inc. worked out separate privately negotiated transactions with certain holders of two series of convertible bonds, according to a company press release.

The company will be repurchasing a combined $135 million principal amount from a series of 5% convertible senior notes due 2023 and a series of 5.25% convertible senior notes due 2024.

The breakdown on that total figure is approximately $12.5 million of the 2023 notes being repurchased for $12.6 million of cash and approximately $122.5 million of the 2024 notes being bought for $125.7 million of cash, which includes accrued interest on the notes.

The 5% convertibles due Oct. 1, 2023 priced in 2018, according to the Prospect News archive, when stock was near an all-time high of $145.57 per share. The stock was trading at around $1.88 per share on Friday morning.

Tilray is a Leamington, Ont.-based cannabis and consumer packaged goods company.

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