March 5, 2024

error page

Business is my step

Sundial Announces Completion of Economical Restructuring and Financial debt-Totally free Standing

3 min read

CALGARY, AB, Dec. 21, 2020 /CNW/ – Sundial Growers Inc. (Nasdaq: SNDL) (“Sundial” or the “Firm”) announced right now that the Corporation is debt-cost-free, pursuing the prepayment of the remaining excellent principal below its senior secured non-revolving term credit facility (the “Facility”) of $21.9 million. As of nowadays, no debt remains exceptional. All amounts are denominated in Canadian bucks except if or else mentioned.  

Sundial Growers Inc. Logo (CNW Group/Sundial Growers Inc.)

“While several hashish firms have important debt burdens, Sundial is proud to announce that we are now credit card debt-no cost,” reported Zach George, Sundial’s CEO.  “In February 2020, the worldwide pandemic was just rising, Sundial was jogging out of funds just two quarters following its IPO, and we were in breach of covenants beneath the conditions of our senior secured credit score facility. By way of a mix of asset income, financial debt for fairness swaps, money raises, and dollars repayments, we have eliminated $227 million in financial debt this yr.  Our economical restructuring is now full, enabling us to provide increased concentration to what actually matters – delighting customers.”

Sundial has a current unrestricted money balance of close to $62 million and remarkable widespread shares of 840 million. The total Facility prepayment in the past 7 days of $71.9 million will final result in an annualized reduction in interest expenditures of $3.6 million and gets rid of all covenants and limits on the Company’s potential to pursue strategic possibilities.

ABOUT SUNDIAL GROWERS INC. &#13

Sundial is a general public enterprise with Popular Shares traded on Nasdaq underneath the image “SNDL”.

Sundial is a accredited producer that crafts hashish employing state-of-the-art indoor facilities. Our ‘craft-at-scale’ modular developing approach, award-profitable genetics and expert grasp growers established us aside. 

Our Canadian functions cultivate tiny-batch hashish employing an individualized “space” technique, with 448,000 square ft of total house.  

Sundial’s brand portfolio includes Top Leaf, Sundial Cannabis, Palmetto and Grasslands. Our consumer-packaged items experience enables us to not just grow quality cannabis, but also to create outstanding purchaser and purchaser activities.  

We are proudly Albertan, headquartered in Calgary, AB, with operations in Olds, AB, and Rocky Watch County, AB.  &#13

Ahead-Searching Info Cautionary Assertion 
This news release consists of statements made up of selected “forward-on the lookout information and facts” inside the indicating of relevant securities law (“ahead-hunting statements”), such as, but not minimal to, statements relating to the Firm’s credit card debt position, cash balance excellent shares and statements concerning the Firm’s long run strategic initiatives. Forward-wanting statements are usually characterised by words these types of as “approach”, “continue on”, “expect”, “project”, “intend”, “think”, “foresee”, “estimate”, “probably”, “outlook”, “forecast”, “may well”, “will”, “opportunity”, “proposed” and other comparable terms, or statements that specified activities or ailments “may perhaps” or “will” arise. These statements are only predictions. Various assumptions were being applied in drawing the conclusions or building the projections contained in the forward-wanting statements in the course of this news release. Ahead-on the lookout statements are centered on the opinions and estimates of administration at the date the statements are made and are topic to a assortment of pitfalls and uncertainties and other variables that could induce actual gatherings or final results to differ materially from these projected in the forward-wanting statements. Please see the chance factors identified in the Company’s filings with the U.S. Securities and Exchange Commission, such as individuals determined in the Company’s Once-a-year Report on Form 20-F, for a dialogue of the materials risks that could cause actual results to differ materially from the ahead-looking information and facts. The Business is below no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-hunting statements, whether as a end result of new data, future gatherings or normally, apart from as expressly demanded by applicable legislation.  

Cision Watch initial written content to download multimedia:https://www.prnewswire.com/information-releases/sundial-announces-completion-of-fiscal-restructuring-and-personal debt-absolutely free-status-301196607.html

Supply Sundial Growers Inc.

error-page.com © All rights reserved. | Newsphere by AF themes.