Fri. Nov 15th, 2019

Canadian cannabis company Sundial enters credit agreement for up to C$140 million

1 min read

Canadian cannabis company Sundial Growers Inc.

SNDL, -10.17%

said Friday it has entered a syndicated credit agreement with ATB Financial and Bank of Montreal for up to C$140 million ($105 million) to help fund the construction of additional buildings at its Canadian facilities. Under the terms of the agreement, the lenders will extend an initial C$90 million of secured debt facilities in the form of a C$84 million senior secured term loan and a C$6 million revolving credit facility. Part of the proceeds will be used to refinance a prior debt facility with ATB. Sundial raised $143 million when it went public on Aug. 1. Shares were not active premarket, but have fallen 18% in the week to date, while the S&P 500

SPX, +1.27%

has gained 2.7%.

Go to Source
Author: