Aphria unit gets C$80 million committed senior secured loan

By Sarah Lizee

Olympia, Wash., Dec. 2 – Aphria Inc. said subsidiary Aphria Diamond obtained an C$80 million committed senior secured credit facility on Friday with a major Canadian chartered bank as arranger, bookrunner and administrative agent.

The credit facility is secured by Aphria Diamond's assets and Aphria's balance sheet, according to a press release.

Pricing is based on a set margin over the Bank's Canadian Prime rate or Bankers' Acceptance and a pricing grid linked to financial ratios. It is expected to be at the outset in the low-to-high 5% per annum range.

The credit facility has a three-year term and contains customary financial and restrictive covenants.

Aphria is a Leamington, Ont.-based global cannabis company.

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