By Dean Seal
Shares of Canopy Growth jumped after the company said it made an early prepayment on a term loan to reduce its overall debt by $100 million.
The stock was 12% higher at $1.02 in Tuesday trading in the U.S. and up 12.6% at 1.49 Canadian dollars on the Toronto Stock Exchange.
The Canadian cannabis company said before the opening bell that it made an optional early prepayment under its senior secured term loan, paying off $100 million at a discounted price of $97.5 million.
The prepayment should result in about $13 million in interest cost savings on an annualized basis, Canopy said. It also extends the maturity of the term loan to September 2027.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 01, 2025 13:15 ET (17:15 GMT)
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