Canadian marijuana company Aurora Cannabis is continuing its debt-reduction quest, repurchasing roughly 103 million Canadian dollars ($76.1 million) worth of convertible notes.
The debt repurchase, which cost the company CA$99.4 million in cash, leaves Aurora with about CA$148 million worth of notes outstanding.
“The purpose of the transaction … was to reduce the company’s debt and annual cash interest costs,” Aurora noted in a Monday news release.
It is Aurora’s fourth debt repurchase of 2022, a company spokesperson told MJBizDaily.
Aurora said it has now repurchased roughly CA$316.5 million worth of its convertible senior notes in the past year, “resulting in annual cash interest savings of approximately CA$17.4 million.”
Alberta-based Aurora reported a CA$51.9 million net loss in its most recent quarter.
At the time, the company reported CA$393 million in cash on its balance sheet.
Aurora reiterated on Monday its plan to achieve positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) by the end of this calendar year.