Aurora Cannabis upsizes secured credit facility to C$360 million

By Angela McDaniels

Tacoma, Wash., Aug. 15 – Aurora Cannabis Inc. has secured commitments from an expanded syndicate of lenders led by the Bank of Montreal to amend and upsize its C$200 million secured credit facility, according to a company news release.

The amended credit facility will consist of an additional C$160 million allocated between both term loans and a revolving credit facility, both of which will mature in August 2021.

Closing of the credit facility is subject to completion of definitive documentation and the satisfaction of conditions.

The credit facility will have a first ranking general security interest in the assets of Aurora.

The loans can be repaid without penalty at Aurora's discretion.

“Access to this non-dilutive capital is a core funding source the company intends to utilize as it further executes on its strategic growth initiatives,” chief financial officer Glen Ibbott said in the news release.

“In addition to cash being generated from operations, the company also has access to other unsecured debt alternatives, a number of equity investments and has access to a C$514 million ($400 million) at-the-market equity program.”

Aurora is a cannabis company based in Edmonton, Alta.

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