By Adriano Marchese
Canopy Growth on Thursday said that it has reduced its debt by $100 million as it looks to cut its cash burn rate.
The Smiths Falls, Ontario-based cannabis company said Thursday it made the early prepayment on its senior secured term loan equal to $100 million but at a discounted price of $97.5 million.
Canopy expects that the prepayment will reduce its annualized interest expense by about $14 million.
"This early prepayment reflects our ongoing commitment to reducing cash burn and strengthening our capital structure," Chief Financial Officer Judy Hong said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 17, 2024 07:49 ET (11:49 GMT)
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