Organigram Holdings fully repays credit agreement with BMO

Chicago, April 1 – Organigram Holdings Inc. fully repaid the outstanding balances of its credit agreement with Bank of Montreal as lead arranger and agent, according to a press release.

The company repaid around C$58.5 million from the Nov. 27, 2020 credit facility.

The repayment results in an annual interest savings of C$2.7 million.

After giving effect for the repayment, the company’s pro forma cash position is C$235 million.

Organigram is in discussions with BMO to amend the credit agreement to provide continuing support and flexibility to help the company grow its business on revised terms and conditions.

Organigram Holdings is the Moncton, New Brunswick-based parent company of Organigram Inc., a licensed producer of medical marijuana.

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