Sundial prepays C$21.9 million remaining under credit facility

By Taylor Fox

New York, Dec. 21 – Sundial Growers Inc. prepaid the C$21.9 million remaining outstanding principal under its senior secured non-revolving term credit facility and is now debt-free, according to a news release.

“Through a combination of asset sales, debt for equity swaps, capital raises and cash repayments, we have eliminated $227 million in debt this year,” said Sundial chief executive officer, Zach George, in the release.

Sundial has a current unrestricted cash balance of C$62 million and outstanding common shares of 840 million.

The total facility prepayment in the past week of C$71.9 million will result in an annualized reduction in interest costs of C$3.6 million and removes all covenants and restrictions on the company’s ability to pursue strategic opportunities.

Sundial is a cannabis company based in Calgary, Alta.

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