Auxly Cannabis Group has signed a nonbinding term sheet to amend the credit facility between a syndicate of lenders and its wholly owned subsidiary, Auxly Leamington.
The Canadian cannabis producer said it is working with the lenders on a definitive, binding amendment, “although there can be no assurance that a definitive amendment agreement with the lenders will be reached,” according to a Wednesday news release.
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In the meantime, Toronto-based Auxly said the lenders have provided a third interim extension of the credit facility’s maturity date to Jan. 31, 2024.
The syndicate of lenders is led by the Bank of Montreal as administrative agent.
The nonbinding revised terms include:
Extending the maturity date by two years – until Dec. 31, 2025 –
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