Canopy Growth Corporation's $750 Million Term Loan Financing
Goodmans LLP acted for King Street Capital Management, L.P. (“King Street Capital”)in connection with Canopy Growth Corporation’s ("Canopy Growth" or "Canopy" or the "Company") agreement of $750 million senior secured term loan with funds advised by King Street Capital.. The Company also has the ability to obtain up to an additional US$500 million of incremental senior secured debt pursuant to the Credit Agreement.
The Term Loan Facility has no amortization payments and matures on March 18, 2026. The gross proceeds, net of fees and expenses, will be used by Canopy Growth for working capital and general corporate purposes, including without limitation, growth investments, acquisitions, capital expenditures, and strategic initiatives. The Term Loan Facility has a coupon of LIBOR plus 8.50% and is subject to a LIBOR floor of 1.00%. Giving effect to the net proceeds from the Term Loan Facility, the Company's estimated pro forma cash, cash equivalents and short-term investments position as at December 31, 2020 would have been approximately $2.5 billion.
Expertise
Featured Work
-
Tax
Cineplex announces comprehensive refinancing plan
Goodmans is acting for Cineplex Inc., a leading Canadian entertainment and media company, in connection with its announcement of a comprehensive refinancing plan to improve financial flexibility and… -
Mergers and Acquisitions
FASHIONPHILE acquires Two Authenticators Business
Goodmans LLP acted for FASHIONPHILE, LLC in connection with its purchase of the assets of Two Authenticators Inc… -
Mergers and Acquisitions
Gamut Capital Management acquires Extreme Reach
Goodmans LLP acted for Gamut Capital Management, L.P. (“Gamut”), a leading New York-based middle market private equity firm, in its acquisition of Extreme Reach, Inc. (“Extreme Reach” or “ER”) — a… -
Restructuring
MAV Beauty Brands Inc.'s Restructuring Proceedings
Goodmans LLP acts for Alvarez & Marsal Canada Inc. in respect of MAV Beauty Brands Inc., a publicly traded global hair care and personal care company focused on managing a diversified portfolio of… -
Mergers and Acquisitions
Group led by Michael Andlauer buys Ottawa Senators
Goodmans LLP acted for an entity controlled by Michael Andlauer in its purchase of the Ottawa Senators Hockey Club from the Melnyk Estate… -
Banking and Financial Services
Finastra Group $5.32 billion refinancing
Goodmans LLP acted for Finastra International Limited in the full refinancing of its existing credit facilities and restructuring of its capital structure…