Aurora Cannabis buys back $20 million worth of convertible debt

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Aurora Cannabis has bought back roughly $20 million worth of convertible senior notes.

Edmonton, Alberta-based Aurora said Friday it repurchased the notes to “reduce the company’s debt and annual cash interest costs.”

The convertible senior notes Aurora repurchased were initially offered in 2019 for gross proceeds of $345 million, a company spokesperson confirmed to MJBizDaily.

Aurora said note repurchases since its third quarter are now worth 9.5 million Canadian dollars ($7.6 million) in annual cash interest savings.

The company’s balance sheet now has roughly CA$455 million in cash, Aurora said.

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Aurora repurchased CA$13.4 million of senior notes during its third quarter and another CA$128 million of senior notes between the end of the quarter on March 31 and May 11, according to a regulatory filing.

Aurora also raised gross proceeds of $172.5 million in a bought deal offering that closed earlier this week.