Aurora Cannabis says it has repaid the remaining balance of its convertible senior notes, a landmark in the Canadian producer’s efforts to cut its debt and save on interest payments.
Edmonton, Alberta-based Aurora still has 47.9 million Canadian dollars ($35.3 million) worth of debt related to Bevo Agtech, a vegetable and flower grower in which the company took a controlling interest in 2022.
Aurora said it paid the final balance of CA$7.2 million in principal on its convertible senior notes for CA$7.4 million, including interest.
The company had signaled its plan to pay off the last of its convertible debt when it released third-quarter earnings in February.
“This final repayment represents a significant milestone for Aurora, as we have now fully paid off nearly CA$465 million in convertible debt,” Aurora CEO Miguel Martin said in a late Thursday statement.
“Our focus on balance sheet strength has saved the company millions in interest and we feel confident that our continued financial discipline will support the achievement of our target of positive free cash flow this calendar year.”
In October, Aurora closed a bought deal offering for gross proceeds of CA$38.8 million.
Most of the proceeds from that offering were earmarked for repaying the convertible notes.
Aurora shares trade on the Nasdaq in the United States and the Toronto Stock Exchange in Canada.
The company recently consolidated its shares in order to maintain its Nasdaq listing.
