Canadian marijuana company Aurora Cannabis is continuing its debt-reduction quest, repurchasing roughly 103 million Canadian dollars ($76.1 million) worth of convertible notes.
The debt repurchase, which cost the company CA$99.4 million in cash, leaves Aurora with about CA$148 million worth of notes outstanding.
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“The purpose of the transaction … was to reduce the company’s debt and annual cash interest costs,” Aurora noted in a Monday news release.
It is Aurora’s fourth debt repurchase of 2022, a company spokesperson told MJBizDaily.
Aurora said it has now repurchased roughly CA$316.5 million worth of its convertible senior notes in the past year, “resulting in annual cash interest savings of approximately CA$17.4 million.”
Alberta-based Aurora reported a CA$51.9 million net loss in its most recent quarter.
At the time, the company reported CA$393 million in cash on its balance sheet.
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Aurora reiterated on Monday
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