Aurora Cannabis to buy back C$13 million more convertible notes

By Marisa Wong

Los Angeles, Sept. 19 – Aurora Cannabis Inc. has agreed to repurchase C$13 million principal amount of its convertible senior notes, according to a press release.

Aurora will repurchase the notes at a total cost, including accrued interest, of C$13 million, satisfied by the issuance of an aggregate of roughly 13.5 million shares.

Following completion of these buybacks, Aurora will have about C$39.6 million of notes outstanding.

The purpose of the buyback is to further reduce the company’s debt and annual cash interest costs, reinforcing the company’s commitment to achieving the target of positive free cashflow in calendar year 2024.

The company has repurchased an aggregate of about C$428 million principal amount of notes since December 2021, resulting in total cash interest savings of roughly C$32 million.

Aurora is a cannabis company based in Edmonton, Alta.

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