New York, NY — June 20, 2018 — /D.M.O. Newswire/ — Canopy Growth Corp. (NYSE:CGC) (TSX:WEED) (FRA:11L1) announced the closing of its previously announced offering.
Here’s What You Need to Know
- The offering was $500 million CAD in aggregate principal amount of 4.25% convertible senior notes due in 2023.
- The initial conversion rate for the notes is 20.7577 common shares per $1,000 CAD principal amount of the notes.
- This is equivalent to an initial conversion price of approximately $48.18 CAD per share.
- Canopy intends to use the net proceeds from the sale of the notes for supporting expansion initiatives and general corporate purposes, including working capital requirements.
- Greenstar Canada Investment Limited Partnership, an affiliate of Constellation Brands, Inc. (NYSE:STZ), purchased $200 million CAD in notes in the offering.
- The remainder of the offering was widely allocated to institutions, primarily in the United States, Europe, as well as Canada.
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